Business Magazine

Get $8000 Cash Back with Federal Home Buyer Tax Credit for Military Buyers

Posted on the 14 April 2011 by Homesmsp @HomesMSP

For most Americans, the Federal First Time Home Buyer Credit expired last year on April 30th.  However, when the program was created, Congress wanted to give deployed employees of the government and military a chance to use it.  Members of the uniformed services, members of the Foreign Service and intelligence community employees that served at least 90 days of qualified, extended duty service outside of the United States between January 1, 2009 and April 30, 2010 would be granted a 12 month extension on the deadline.

If you qualify, you have to have an accepted purchase agreement by April 30, 2011 and you must close by June 30, 2011.  You can receive up to $8000 for first time homebuyers and $6500 for previous homeowners.

The actual amount of the the tax credit will depend on the sales price of the home and your income.   You can qualify for up to 10% of the sales price of your new home.  So if your home is under $80,000, you will not receive the maximum credit.  For example if you paid $70,000 for your home, the maximum credit would be $7,000.

Your income can also limit the amount of the credit.  The maximum credit is for income up to $125,000 for single filers and $225,000 for joint filers.  For those with higher incomes, the amount of the credit will be reduced 5% for every $1000 in additional income until the credit falls to $0.

There are some rules that affect whether you can qualify or not - for example if you buy from a relative (parent or child) you will not qualify, also if you are buying the home as a vacation or investment property, you will not qualify.

If you sell the home within 3 years, you will have to pay back the tax credit.  If you buy this year and have already filed your income taxes, you can file an amended return to get the money now.  Or you can wait and file your return next year and know that you will get a large tax credit!

If you served overseas in the last couple of years and were thinking about buying a home, now is that time!!  Not only are interest rates very low, home prices are near the bottom and you can get a tax credit of up to $8000!!! 

Leslie Vanderwerf,  NMLS ID#335509, Advisors Mortgage - Email - Website

 


You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Shilo Sanders- Son Of Deion Sanders Thanks Courts For Allowing Him To Live With...

    Shilo Sanders- Deion Sanders Thanks Courts Allowing Live With Pilar

    ChristianNews Shilo Sanders, the son of NFL Hall of Famer,  Deion Sanders took to twitter to “thank” the courts for allowing him to live with his mother, Pilar... Read more

    The 04 August 2017 by   Firstladyb
    SPIRITUALITY
  • “I Feel Great”

    Feel Great”

    Jakub went to his doctor's office believing that he had a back injury, but returned with a chocking diagnosis instead. He had type 2 diabetes - in spite of... Read more

    The 04 August 2017 by   Dietdoctor
    DIET & WEIGHT
  • July Allotment Recap (2/2)

    July Allotment Recap (2/2)

    Sunday afternoon saw us return bravely to 24a even though there were more thundery showers foretold by the weatherman. I will admit that I guffawed at the... Read more

    The 04 August 2017 by   Chrryblossomtat2
    GARDENING, HOME
  • Culinary Delicacies in Croatia- What to Eat and Drink in Croatia

    Culinary Delicacies Croatia- What Drink Croatia

    In my earlier post, we spoke about how Croatia is a stunning European destination, let us now see what are the culinary delicacies in Croatia or what you can... Read more

    The 04 August 2017 by   Kash Pals
    FOOD & DRINK, A-CLASSER
  • #Golf Training Aids Spotlight: The Delta Putt

    #Golf Training Aids Spotlight: Delta Putt

    Do you consider yourself to be a strong putter or do you feel you could improve your make percentage on the green? Most amateurs could use help with the flat... Read more

    The 04 August 2017 by   Golfforbeginners
    GOLF, SPORTS
  • Three Incredible Hikes in Southern Iceland3 Min Read

    Three Incredible Hikes Southern Iceland3 Read

    Nature takes center stage in Iceland, where there's a stunning view around every bend: massive glaciers, expansive lava fields, powerful waterfalls, black sand... Read more

    The 04 August 2017 by   Healthytravelblog
    TRAVEL
  • What I Wore: Daytime Pajamas

    What Wore: Daytime Pajamas

    Pajama top: ELOQUII (14) | Pajama pants: ELOQUII (14) | Shoes: ASOS (similar) | Earrings: J. Crew ( same in different colors, similar concept in same color) |... Read more

    The 04 August 2017 by   Wardrobeoxygen
    FASHION, SELF EXPRESSION, SHOPPING

Magazines