Although the government tax credits have expired for “ordinary” citizens, they are still available for members of our military. James Kelly, VAMortgageCenter.com, contacted me to ask if he could write a guest article for this blog to help spread the word regarding the details of the military extension. Here is James’ information on the details of the extension:
The popular $8,000 tax credit had many anxious citizens waiting to hear back about an extension. They did not get it. However, what an amazing relief it will be for military members coming home to central Ohio this year to find out that the deadline was extended solely for them for one whole year.
Qualified service members” have until April 30, 2011 to enter into a binding contract and June 30, 2011 to complete the sale.
General Information
With the extension, there are also some new and general rules that apply—as well as some cool benefits just for military members.
Qualifying
The first-time homebuyer must be a member of the armed forces, Foreign Service or intelligence community. The service man or woman must have served on official extended duty overseas for at least 90 days between Dec. 31, 2008 and May 1, 2010.
Rules
This credit does not apply to a vacation home. It only can be put towards a principal residence.
Income requirements were modified. A single-person buyer is allowed a salary up to $125,000. For a married couple, the limit is $225,000. Allowances might be made for some above the annual income.
The home must have a market price that is less than $800,000.
Exceptions and Benefits
Only one spouse is required to be overseas to qualify for the extension.
Military members who have to move from their new home within three years because of being called back to duty are exempt from repaying the credit.
Qualified service members who are repeat homebuyers may take advantage of a $6,500 tax credit.
The VA Loan
During the pursuit of their new home, Ohio resident veterans may also be able to take advantage of the highly beneficial VA mortgage program. With no down payment required, 100% financing, and the backing of the government, a VA loan can make a veteran’s home buying process that much easier. For further info on the VA loan, talk to a qualified VA lender today.
If you need assistance with your mortgage – VA, FHA or conventional – give one of these local gals a call. They’re located in my Powell office at 379 W Olentangy St.
- Susan McKnight, 614-273-6078, Real Living Mortgage
- Pam McMahon, 614-273-6366, Real Living Mortgage
Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
