Memorial Day Series Part 2: Military Service Members Receive Tax Credit Extension

Next up in our series ushering in Memorial Day 2011 is news about the extended tax credit for military servicemembers.

If you remember the homebuyers’ tax credit that was offered in 2008 to 2010, you may remember what a great deal it was. Homebuyers could receive up to $8,000 in tax credits, depending on the year they purchased their new home and how much the purchase price was. Better yet, any amount above and beyond tax owed was often issued to the buyer as a check.

For most individuals, these perks ended last September. However, certain of our country’s servicemembers are still eligible to take advantage of this incredible tax credit.

Qualifying members of the military, foreign service, and intelligence community had until April 30^th, 2011 to purchase to claim their tax credit – up to $8,000 for first-time buyers and $6,500 for repeat buyers. But please note: the April 30^th deadline applies only to the purchase agreement; you have until June 30^th, 2011 to close, which means that if you’ve already purchased a home but haven’t closed yet, you may still qualify for this benefit!

Even better, military buyers should be aware that this wonderful tax credit can be combined with your VA loan benefits, which can makes financing your new home even more affordable.

These benefits are just one of the ways our government can thank military personnel for their courage and selflessness in defending the freedoms of America and Americans – but this deal is expiring very soon! Now is the time to see if you qualify to take advantage of this amazing opportunity.

If you have served our country as a member of the military, foreign service, or intelligence community – and you purchased a property before April 30^th – please know that home ownership may be far more affordable than you realize. Talk to Leigh Brown to discuss your options.

Happy Memorial Day from Leigh Brown, your best Concord agent.