Although home buyers need to sign sales contracts by the end of April to qualify for the $8,000 first-time and $6,500 repeat home buyer tax credits, qualified active military servicemen and women have an additional year to take advantage of these incentives.
Under a legislative provision targeting active members of the military, the Foreign Service and the intelligence communities, the tax credit was extended for one year beyond the current deadlines of April 30, 2010 for a binding sales contract and June 30, 2010 for settlement and closing.
The provision only applies to home buyers in the above mentioned groups who have served on official extended duty for 90 days or more outside the U.S. from Jan. 1, 2009 to April 30, 2010.
Also, service members who must sell their home because of official extended duty are excluded from a rule that requires buyers to repay the credit if they move out of their home within three years.
Builders — particularly in cities and towns with a large population of military personnel — should take advantage of the opportunity to market the tax credit extension to qualified military families that are looking to purchase a home.
Resources geared to helping builders spread the word about the benefits of both the tax credit and homeownership are available at www.nahb.org/taxcreditmaterials.
More information on the special provision for military service members can also be found at www.federalhousingtaxcredit.com.
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