Military Personnel Eligible for Extended Tax Credit through 2011

Military personnel who have served 90 days overseas in 2009 or 2010 are still eligible to receive the federal tax credit of up to $8,000 for first-time buyers or $6,500 for repeat buyers. Eligible troops have until April 30, 2011 to be under contract and June 30, 2011 to close.

In addition, service members are exempt from the occupancy requirements. Home buyers who sell within three years of purchase are typically liable for repayment of the tax credit. Service members have no occupancy requirement. Intelligence and foreign service members are also eligible.

The second benefit for military personnel looking to buy a home is the traditional VA Mortgage. Some of the highlights that make the VA loan attractive one are:

100% financing! That’s right…..100%! You can buy a home with no down payment.

The Seller can pay your closing costs as an incentive to induce you to buy their home. That means you don’t need to come up with that money either.

No Reserve Requirements means you don’t need to have any real savings at all to buy a home with a VA loan. (Now, that doesn’t mean you shouldn’t have money in the bank before you buy a home, but it does mean you don’t have to.)

More liberal understanding of credit challenges (i.e. lower credit scores).

For more information on VA loans, contact one of our mortgage partners.

Help spread the word to our troops and their families! For more information, contact a Nothnagle agent or call 899-MOVE.

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