The end of an era is fast approaching. Real Estate professionals and potential homebuyers across the country are scurrying to submit purchase contracts before the swiftly looming April 30th deadline of the $8,000 First Time Homebuyer Tax Credit. This tax credit has been wildly successful; the IRS states that over 1.4 million first time homebuyers took advantage of this program as of September 2009. While those numbers are a bit dated, it does show how successful this piece of legislation was.
So, what does this mean for a good majority of us? Well, it’s just back to business-as-usual. Rates are low, housing prices have settled, and the economy is starting to turn around – even without the credit, it’s still a great time to buy.
Now, here is the exciting news! There is a little known blurb towards the end of HR 3548 – Worker, Homeownership, and Business Assistance Act of 2009 (the bill that extended the $8000 tax credit to April 30th, 2010), that allows for an extension of the credit until April 30th, 2011. Sweet! So, who’s still in? Who gets the VIP extension of this lovely chunk-o-change? Let’s take a look, shall we?
- Members of the uniformed services (military)
- Members of the Foreign Service
- Employees of the intelligence community
How do I qualify?
- Must be on official extended duty outside the United States for at least 90 days between January 1, 2009, and April 30, 2010
What do I qualify for?
- $8,000 first time homebuyer credit
- Signed contract must be submitted by April 30, 2011
This is pretty exciting news for those that qualify! So, if you found yourself deployed last year, you can rejoice in knowing that you can take full advantage of this tax credit, while the rest of us poor souls can only watch from the sidelines. It’s a nice “Thank You!” for your dedicated service to our country.
If the dream of homeownership lingers in your mind, this sure is a great incentive to pursue those further, and we’d love to help you along the way.