Extended Home Buyer Tax Credit For Military Personnel Ends April 30

March 10, 2011

At Ideal Homes, we salute our military families and proudly welcome them into our new home communities. That's why we want to make sure they know that select military personnel are still eligible for the federal home buyer tax credit. The extended purchase deadline, however, is fast approaching. Qualified service members on official extended duty outside the United States for at least 90 days between January 2009 through April 2010 have until April 30, 2011, to purchase a home and reap tax credit benefits up to $8,000. The real estate transaction must close by June 30, 2011. According to www.federalhousingtaxcredit.com , qualified service members are U.S. military uniformed services members, U.S. foreign service members or intelligence community employees. A person forced to return to the United States for medical reasons before completing an assignment of at least 90 days of qualified official extended duty may also receive the home buyer tax credit extension. Here's how the home buyer tax credit works: After closing, first-time buyers receive a federal housing tax credit equal to 10 percent of the home's purchase price, not to exceed $8,000. Current home owners living in their principal residence for at least five consecutive years may receive up to $6,500 when they purchase another principal residence. Qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture clause. Income limits apply, and home buyers eligible for a V.A. mortgage may qualify for 100 percent financing. A new Ideal Home plus an $8,000 home buyer tax credit -what a winning combination. For more information on our new homes starting from the $100s, please contact Elena at (405) 267-0049, toll free 866.277.2670 or visit www.ideal-homes.com

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