In the fall of this year, all eyes were on our industry and the last push to close loans under the First-Time Homebuyer Tax Credit (extension deadline: September 30, 2010). Like many of you, I took a deep breath after my last closing and moved forward.
However, I let the provision for veterans and other federal employees fall by the wayside, and only last night while searching the Internet for mortgage data did I have my moment of clarity and realize that I had dropped the ball in marketing to my veteran clients. When Congress took action in November 2009 to extend the date for the First-Time Homebuyer Credit to April 2010, they also added additional language for our country's military veterans and other federal employees. The guideline reads as follows:
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, 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 of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
More First-Time Homebuyer Tax Credit information can be obtained from the IRS website. Remember this is a tax credit and can be used on any loan program that best represents the veteran's needs, including VA, FHA (including the 203k), USDA and conventional.
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