If you’re an eligible federal employee or qualified military personnel, you have less than 3 weeks to use the federal home buyer tax credit, and to claim up to $8,000 in federal income tax credits.
According to the IRS, eligible persons include members and spouses of the uniformed services, members and spouses of the Foreign Service, and intelligence community employees who served at least 90 days of qualified, extended duty service outside of the United States between January 1, 2009 and April 30, 2010, and their spouses.
Eligible persons must be under contract for a new home on or before April 30, 2011, and close on or before June 30, 2011.
Eligible home buyers receive a dollar-for-dollar tax reduction equal to 10 percent of the subject home’s purchase price, not to exceed $8,000 for first-time home buyers, and not to exceed $6,500 for repeat home buyers.
Repeat home buyers must have lived in their “main home” through 5 of the last 8 years in order to be eligible. The complete program description is published on the IRS website.
Use your VA loan to buy a home with no down payment. The Department of VA recently increased the Maximum Guaranty Amount for veteran home loans. Read about VA loan eligibility and other important loan information.
Posts
