Officially, the bill for First Time Home Buyers expired and all closings from those qualified purchases are quickly coming to an end. However, our Military men and women were given an extension to this bill. Read some of the details from Military.com below:
This bill’s extension for military families, and active-duty servicemembers currently living overseas, is April 30, 2011 — one year longer than civilian home owners’ extension — and will also help financially strapped military personnel by making mortgage payments tax deductible.
The new law extends the first-time homebuyer credit for individuals on “qualified official extended duty” outside the U.S. who made home purchases before May 1, 2011 (or July 1, 2011, for taxpayers with binding contracts).
Qualified official extended duty is defined as duty outside the U.S. for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. And, in order for married servicemembers to qualify for this extention, they must have served overseas for at least 90 days in 2009.
If you are in the military and looking for a new home, call me to help schedule your personal tours and to discuss the best options available for your next move!