Great news for First Time Home Buyers!

The First Time Home Buyer Tax Credit has not ended if you were overseas on official duty.

By now most of you know that the First time home buyer tax credit has ended unless you were in contract by June 30,2010. What you may not know is if you or someone you know is a member of the military and certain other federal employees, and served overseas for at least 90 days between December 31,2008 and May 1, 2010 you have an extra year to buy a principal residence in the U.S. and qualify for the credit. 

An eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011 to close on the purchase.

Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse)  who serves on qualified official extended duty service outside the United States for at least 90 days during the period beginning after Dec 31, 2008 and ending before May 1, 2010 according to the IRS website. If you know someone who fits this description be sure and pass this information along to them.

Interest rates are at an all time low along with home prices so there really has never been a better time to buy and in Puyallup and the surrounding areas you can still find real value for your money. Puyallup is also conveniently located near both Fort Lewis and McChord Air Force Base. Don’t miss out.

Speak Your Mind