Military Personnel…did you know that you qualify for the Federal Housing Tax Credit? You MUST be under contract on or before April 30th, 2011 and your closing must be on or before June 30th, 2011.Here are the program requirements:
Qualifications
- Had an extended duty outside of the U.S. between January 1st, 2009 and May 1st, 2010
- Exceptions apply for those who had to return early because of medical issues
- Must enter into a binding contract before May 1st, 2011
- Must close on your home before July 1st, 2011
- First-time buyers can qualify for up to $8,000
- Repeat buyers can qualify for up to $6,500
Restrictions
- Homes to be purchased must be less than $800,000
- Gross income for single individuals must be less than $145,000
- Gross income for joint tax filers must be less than $245,000
- Home buyer must be at least 18 years old
- For first-time buyers, selling the house or not using it as your principal residence within 3 years of purchase may make you liable for recapture of the tax credit (can be waived)
- For repeat buyers, you must own/live in the property for 5 consecutive years (can be waived)
If you’re relocating to, or are already stationed at Robins Air Force Base, the tax credit can save up to $8,000 for first time buyers and up to $6,500 for repeat home buyers, NOW is the time to buy a home in Warner Robins, Houston County, or a surrounding community!
Visit my Warner Robins Real Estate website to preview a complete list of Homes for Sale in Warner Robins.
When you’re ready to buy, call me at (478) 960-8055 for all your Warner Robins Real Estate needs.
About Anita Clark Realtor
Hi Anita! I think you know my history with Warner Robins AFB and I certainly do appreciate what you do for our military folks! You ARE the go-to agent in Warner Robins, for SURE!
Debe Maxwell recently posted..Live- Work and Play in Charlotte’s Downtown
Great article! It is good to see that we – who ask so much of our military families – are providing assistance for them to enjoy the benefits of homeownership.
I will send this information out to my clients here in California who may be unaware this program.
Thanks for the informative post (and gentle reminder to “get the words out”!)
Yes, I remember your history here Debe. Thanks for the nice comments girl!
Bob…get the word out to as many as you can. The more that know they still have a few weeks left the better. I would hate for one of our finest to lose out on a great deal because they were unaware of its exsistence.
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I have a question. It says it can be waived.
For first-time buyers, selling the house or not using it as your principal residence within 3 years of purchase may make you liable for recapture of the tax credit (can be waived)
For repeat buyers, you must own/live in the property for 5 consecutive years (can be waived)
Would GETTING out of the military and moving be reason enough?
I should add that you get “orders” out when retiring or discharging from the military. We are hoping to avoid having to pay the $8k credit back.
Thank you!
DF…since you are electing to move (not forced like with a PCS) you need to contact your lender to determine if you qualify for the waiver or have to pay $$$ back.
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