Greg Cowart on Zillow
Greg Cowart - Mortgage Broker or Lender at The Securus Group
Greg Cowart - Roseville Loan Guy

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Many Service Members Get An Extra Year For Tax Credit

Many members of the military, foreign service, & intelligence communities have one more year to purchase a home and claim the $8,000/$6,500 home buyer tax credit.

Any service member who is or has been on extended duty for 90 days or more between January 1st 2009 to April 30th 2010, has until April 30th of next year, to sign a sales contract and until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.

The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they receive government orders to move.

-note: First Time Homebuyer = not having ownership interest in a primary residnece in the previous 36 months. So some repeat buyers will still qualify for the full $8,000 FTHB credit.

~ Greg

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