The much-talked about $8,000 tax credit for first-time homebuyers recently expired for most people, But if you're military or a certain government employee, this fantastic opportunity has been extended to 2011! You still can qualify for a tax credit of up to $8,000 even if you're not a first-time homebuyer.
Briefly, if you sold a home because of "orders" between 1-1-09 and 4-30-10 and served at least 91 days extended duty, you will qualify for the homebuyer tax credit as long as income, sales price and age (18 years) requirements are met. You need to sign a contract by April 30, 2011 and close on your home by June 30, 2011.
Who qualifies?
- Member or spouse of "uniformed" services or the US Foreign Service
- Employee or spouse of the Intelligence Community
To also qualify, you must also have served Extended Duty for 91 days between Jan. 1, 2009 and April 30, 2010:
- Outside the US or
- Inside the US and had to relocate at least 50 miles from principal residence
Call Dean Tucker at Waterstone Mortgage - Prime Equity Group for more information (208) 287-1717. As a seasoned mortgage professional I can help you make the best decision about one of the largest financial purchases you may ever make.
Call us with any questions you have relating to residential mortgages (208) 287-1717, we are always very happy to help. We specialize in home loans for first time home buyers, move up buyers, second home purchases, and resort lending. The loan products available to my clients include FHA, IHFA, VA, Conforming Conventional, Jumbo and Super Jumbo Portfolio.
Our primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).
Thanks for this information, it is only a narrow audience, but everything helps in this market. I guess we may all be government employees soon. (HA)
Take a look at this article on Bloomberg for one man's opinion as to how right you might be!
http://www.bloomberg.com/news/2010-07-06/krugman-says-kitchen-sink-strategy-needed-to-stave-off-another-recession.html
Excerpt below:
Nobel Prize-winning economist Paul Krugman said the U.S. should have a "kitchen-sink strategy" that uses all fiscal and monetary policies possible to prevent the economy from sliding back into a recession.
"We are looking at what could be a very long siege here," Krugman said in an interview today in Princeton, New Jersey, with Carol Massar of Bloomberg Television's "Street Smart." "We really are at a stage where we should have a kitchen-sink strategy. We should be throwing everything we can get at this."
At a time when European countries such as Germany are calling for austerity measures to rein in budget deficits, Krugman is calling for more stimulus to prevent a repeat in the U.S. of Japan's decade of economic malaise in the 1990s.
"The most effective things you can do, in terms of actual bang for the buck, is actually having the federal government go out and hire people," he said. "We are deep in the hole here, and you need to be unconventional to get out of it."