Homebuyer Tax Credit Extended Through 2011 for Veterans

With many of our brave men and women currently overseas defending our freedom, we need to make sure they know how grateful we are for their service to our country. These courageous Americans fight on foreign soil while their loved ones eagerly await their return home. Because of this, we should never forget to thank them for their sacrifices.
VA Loans Homebuyer Tax Credit
To continue to show gratitude for the military, the U.S. government has extended the homebuyer tax credit for members of the uniformed services, members of the Foreign Service and employees of the intelligence community.
The homebuyer tax credit, which expired earlier this year for the general public, gives you an $8,000 credit or 10% of the purchase price of your home for first-time home buyers. Repeat home-buyers are eligible for $6,500 credit or 10% of the purchase price of your home.

Who Is the Credit For?
The credit is available for those who serve or have a spouse in the Military Reserve, National Guard and Air National Guard. The serviceman or woman must be on official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

How Do I Get The Credit?
To take advantage of the credit, the eligible taxpayer must buy, or sign a contract to buy, a residence on or before April 30, 2011. If a contract is entered into by that date, you have until June 30, 2011, to close on the purchase.

This special offer accompanies the VA Loan for which our servicemen and women are already eligible, making now a great time to think about buying your own home.  If you are thinking about buying your own home or just want more information on the homebuyer tax credit, please check out your local mortgage lender or a homebuyer tax credit information page.

Thank you for serving our country.

Author:
Jordan Fylonenko is a writer who specializes in articles about FHA Loans, Mortgage Refinance, VA Loans and other home-buying related information.