The Real Story…
News and commentary about the real estate market and related topics.
Dave Parrish, ABR®, CRSA, CSP, GRI, ePRO®,REALTOR ®, RealtySouth
The opinions expressed here are my own and don’t necessarily represent those of HomeServices South.
Veterans…
Yesterday was the Marine Corp Birthday (the USMC is now 235 years old… That’s right older than the nation itself!) Semper Fi! Today is Veterans Day. Let’s never forget the service of all those who have served.
Remember the tax credit has special provisions for our veterans. Most know that under the Worker, Homeownership and Business Assistance Act, a one-time extension of the credit for homes purchased or under contract by April 30, 2010 was passed and a credit of up to $8,000 will apply to qualifying first-time buyers, and a smaller credit of up $6,500 will now apply to families that have lived in their homes for at least five years and wish to step up to a new home. What some may have missed in the excitement is that the act extends a similar credit until May 2011 for members of the uniformed services whose duty takes them overseas.
There are some slight differences in the credit:
1. With the normal tax credit, if the home ceases to be the primary residence of the recipient of the tax credit within 3 years of purchase, the credit has to be repaid. Under this credit, that provision is waived if the house is no longer a primary residence as a result of orders to go overseas again.
2. If the contract is executed by April 2011 and close no later than 90 days later.
3. Only one spouse needs to be overseas on official extended duty for the required amount of time to qualify for the credit
Eligibility: Active veterans serving on official, extended-duty service outside of the United States for a minimum of 90 days during the period between December 1, 2008 and May 1, 2010 will be granted a 1-year extension on the home buyer tax credit. Service people who meet this requirement by serving more than 90 days overseas between the aforementioned dates will qualify for the same home buyer tax if they are in contract to purchase by April 30, 2011 and complete the transaction by June 30 of next year. Veterans who are currently considering buying a new home will be excited to hear they have an extra year to buy and still qualify for the tax credit. Note that members of “uniformed” services, foreign services of the United States, employees of Intelligence Community and extended duty service men and women will also qualify
So, this program is not over for our service men and women. That is a real win – win but the word needs to spread on the availability of this credit because not nearly as many are familiar about this as they were about the other credits and their time frames. This is good for the real estate market, those in the business but most of all it’s great for our veterans.
So let’s get the word out!
And let’s not forget the VA Loan Guaranty program for: Veterans, Active duty personnel, Reservists/National Guard members and some surviving spouses.
When you see a vet… say thanks.
May the market be with you.
