Tax Day is looming, sparking memories of the landmark home-buying tax credits that helped prop up the flailing housing market over the last 18 months.
But there’s still one deserving demographic that can take advantage of the $8,000 tax credit for first-timers and its companion $6,500 credit for existing homeowners: America’s active duty service members.
Qualified service members who served at least 90 days on extended duty from January 2009 to April 30, 2010, can pounce on these tax credits through April. Borrowers have until April 30 to purchase a home and until the end of June to close.
Other than that, requirements for participation are the same as for civilians: income limits of $125,000 individual and $225,000 for joint filers; purchase price at or below $800,000; and first-timers cannot have owned a home in the last three years.
Real estate professionals in military heavy areas have just a few more weeks to get these service members into homes. The tax credit can be combined with the wide-ranging benefits of VA loans to create a powerful purchasing opportunity for qualified military members.