Minnesota Mortgage Blog - MN Mortgage and Real Estate News

8000 Tax Credit Extended For Military Personal??

No news yet about the possible extension of the $8,000 Federal Tax Credit beyond November 30, 2009 for all first time home buyers, but the House of Representatives has voted unanimously to extend the first time buyer tax credit to active military personnel, foreign service and intelligence officers. The bill (HR3950) would extend the existing tax credit to this group only until November 30th, 2011.  The bill now goes to the Senate, and is expected to pass with the same ease.

The bill was brought up because it was thought that military personal serving oversees this year did not have the same opportunity to take advantage of the tax credit as other future home owners. The extension applies to military personnel who spent at least 90 days of the current calendar year oversees.  It also does not require borrowers to payback the tax credit if they are deployed after receiving it.  The current tax credit requires borrowers payback the tax credit if they do not occupy the home within three years of receiving the tax credit.

THIS IS NOT LAW as of the time of this posting, but should be soon.

Combining the $8000 federal tax credit with a VA 30-year fixed loan is something I as a loan officer and Mortgages Unlimited are proud to be able to offer all military personal, both active and discharged, for properties located in the Minneapolis St Paul area, and all of Minnesota and Wisconsin.