Academy Mortgage Corporation / Crown Communities: Our honored soldiers, did you miss last year's tax credit program?
Our honored soldiers, did you miss last year's tax credit program for first time homebuyers because you were deployed this year??
You can still take advantage!!!
To be considered a first-time homebuyer, you or your spouse must not have owned a home within the past three years. However, included in the extension is the $6,500 credit for existing home buyers. In this case, you're eligible if you have lived in home for five out of the past eight years and you meet the rest of the requirements.
Here are the requirements you must meet to be eligible for the credit:
You must have served at least 90 days overseas between january 1, 2009 and april 30, 2010
Your individual annual income cannot exceed $125,000 and if you're married and file jointly, your annual income cannot be more than $225,000
The purchase price of the more that $800,000
If you're worried about qualifyinig for the program in case of deployment and the need to sell or rent your home, don't be a change in the bill does not allow for the IRS to reclaim the credit if this were to happen. An important point to clarify is that the credit is up to $8000 or 10 percent of the home price (whichever is less).
One more very important thing to mention: as an active duty military member, you can use the tax credit with a loan through the VA loas guaranty program. This means that not only will the $8000 or $6500 tax credit will help you, but also the many benefits you'll receive through the VA home loan.
You must be under contract by april 30th, close by june 30th 2011
Academy Mortgage Corporation / Crown Communities
Phone: (404) 936-4454
web: http://www.academymortgage.com/
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