$8000 Tax Credit Still Available for Military
July 9, 2010 by Bob Schenkenberger · 3 Comments
The Get Home Denver Team is pleased to publish this post written by VA expert James Kelley.
Homebuilders in Denver, CO are very optimistic about the local economy. According to a recent Denver Post article, builders are buying vacant lots all over Denver with the intention of constructing new homes to meet predicted demand.
Although many of the perks of the real estate market are starting to cool down, many military members returning home to Denver next year will be able to not only take advantage of some new homes, but also the $8,000 Veteran’s tax credit.
The popular credit that gave real estate agents a boost in business this year was extended for military men and women. “Qualified service members” have until April 30, 2011 to enter into a binding contract and June 30, 2011 to complete the sale.
To make sure, these deserving men and women do not miss out on their chance. Here are a list of new rules and qualifying standards for the credit.
• 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.
• Must be a first-time homebuyer. However, there is a $6500 credit for repeat homebuyers who have owned a principal home for a period of five consecutive years in the eight years prior to purchase.
Other Rules and Benefits:
• A single-person buyer is now 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.
• 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.
Couple Your Tax Credit with the VA Loan
Along with the tax credit, military members can make the stressful process of buying a home ten times easier with the VA loan. It requires no money down, less-strict credit requirements, and lower closing costs.
Contact us today for more info!
James Kelley blogs on veteran’s issues, real estate and finance across American markets at VA Benefit Blog .He also works with VA Mortgage Center, proudly serving American military families as a leading national VA lender.
Bob has been an active REALTOR for 18 years. During this time, he has closed over 500 transactions, and has been the broker of record for 1000's more. Bob can be reached via email (bob@gethomedenver.com) or phone (303.770.1180.)
I think that this is great that our active service members have the ability to still participate in the tax credit. I’m also glad to see that the gov’t gave them until Aug of next year. Well done and good post.