The Veteran’s Home Buyer Tax Credit program is coming to an end on June 30, 2011. Those troops who have been deployed out of this country over the last two years, for at least 90 days between January 1, 2009 and June 30, 2010, are able to take advantage of an $8,000 tax credit if they are attempting to purchase their first home.
The program was designed to end but last year was specifically extended for veterans deployed oversees. There is a stipulation to the extension, however. For the veterans wishing to use the tax credit, they must sign their contract by April 30, 2011, although they do not have to close on the deal until June 30,2011.
This tax credit is only available for first time home buyer. In order to qualify for the program, home buyers cannot have owned a primary residence in the 3 years prior to date they use the program to purchase their home. Additionally, veterans qualify for a Department of Veterans Affairs (VA) home loan and can use the loan for their purchase.
Unfortunately for many eligible veterans, not many people know about the program. The tax credit received very little coverage through the media. It could be possible for qualifying veterans to get inside a home without a down payment, with complete financing, with the sellers paying the cost, and get a check cut to them for $8,000.
Although the ideal situation or the dream home isn’t always possible, the tax credit is a huge benefit for veterans interested in purchasing their first home. Many veterans will be put in a position of buying a home for less money than it is worth and being in a great position when the housing market comes back.
If you are a disabled veteran who has been denied disability compensation or have not yet applied for benefits from the VA, contact Veterans Help Group. You may be entitled to certain programs and benefits so contact our veterans disability rights firm today.