First-Time Home Buyers

$8000 Tax Credit Extended For Eligible Military Personnel

That’s Right! The popular Home Buyer’s Tax Credit has been extended for the brave men and women of the United States military who have recently served on official extended duty! All military personnel are eligible if they served at least 90 days outside of the U.S. from December 31, 2008 to May 1, 2010. This gives eligible military service members one extra year to take advantage of up to $8000 for first-time home buyers and $6500 for repeat buyers. Service members who qualify must have a contract to purchase a home by April 30, 2011 and close by June 30, 2011.

Tax Credit Can Be Used With Other VA Benefits

Eligible military buyers can also utilize this tax credit along with the other extremely attractive benefits from the VA (Department of Veterans Affairs) combining this dollar-for-dollar tax credit with today's lower home prices and lower interest rates. The VA allows qualified military borrowers to purchase a home with no money down and no private mortgage insurance.

Who is Considered a First-Time Home Buyer?

The eligible military member or spouse cannot have owned a home in the last three years, and maximum purchase price of a home is $800,000 under this program. The credit phases out for individual taxpayers with modified adjusted gross income between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers.

What is the Definition of a Repeat Buyer?

To be a "repeat buyer" and receive a tax credit for up to $6,500, a home buyer must have lived in his or her current residence for five out of the last eight years. The rest of the requirements are basically the same as the $8,000 tax credit.

You served our country, and sacrificed so much for our freedom. Take advantage of the benefits you have earned. Get Started today, while rates are low and this tax credit is available.

Ready to get started?

Call and speak to one of our VA loan specialists today. The toll-free number is (866) 704-2826. You can also complete our safe, secure online request form. There is no obligation to you, and no cost to apply. You will be contacted by VA loan specialist who will assist you with each step from start to finish.