With a large military population in Virginia Beach and Hampton Roads, the following information may be helpful to unable to take advantage of previous incentives and those considering purchasing Virginia Beach or Hampton Roads real estate in the future.
The House of Representatives voted to extend the $8,000 first-time home buyer tax credit to active military personnel, Foreign Service, and intelligence officers.
This extension for this specific group is until November 30th, 2010. The Senate is expected to pass the bill with no issue.
Rep. Charles Rangel (D-NY) introduced the bill as there was concern that active duty military personnel serving oversees were not able to take advantage of the tax credit.
If qualifications are attained, the extension applies to those military personnel who spent at least 90 days of 2009 oversees.
Similar, it does not require borrowers to payback the tax credit if they are deployed after receiving it.
The current tax credit requires borrower’s payback the tax credit if they do not occupy the home within three years of receiving the tax credit.
The jury is out on whether the $8,000 tax credit will be extended for all eligible borrowers. The housing surplus still exists and more credits are likely.
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