How Can Veterans Get the Tax Credit?
Qualifying Veterans who are first-time buyers need to be under contract by April 30, 2011 and close by June 30, 2011 to receive up to $8000 in the form of a tax credit on their income tax return. The tax credit is equal to 10% of the purchase price, up to $8,000 max.
What about Repeat Home Buying Veterans?
Yes, eligible repeat home buying Veterans can also receive a tax credit equal to 10% of the purchase price, up to $6500.
Does it have to be a VA Loan?
No, they do not have to take VA mortgages to get the credit.
Who is eligible?
Military personnel who have served overseas for at least 90 days during any part of 2009 or 2010, will have an additional year to buy their homes and still qualify for the tax credit. Intelligence service and foreign service personnel also are eligible. Some residency and income limits apply.
What other benefits are provided for Veterans?
Service members are exempt from the occupancy requirements that other non-veterans buyers are held to. Home buyers who sell within three years of purchase are typically liable for repayment of the tax credit. Qualifying service members have no occupancy requirement.
Contact a Nothnagle agent today for more information or call 899-MOVE!