As Veteran’s Day passed last week, I forgot to remind everyone to thank those who have served our country AND to remind everyone out there in the blogosphere that eligible Veterans are still able to take advantage of the Federal Tax Credits that expired for the rest of the population a few months back.
Yes, eligible First Time Home Buying Veterans only need to be in contract by April 30, 2011 and close by June 30, 2011 to receive the up to $8000 tax credit on their income tax return.
And yes, eligible Repeat Home Buying Veterans can receive the up to $6500 credit.
And no, they do not have to take VA mortgages to get the credit (even though we have often discussed the benefits of VA financing in this space).
Scenarios to think about:
1. Home buying Veteran gets their tax credit to fund some home improvement
2. Or to buy furniture
3. Or to consolidate other debt
4. Or to pay discount points (two benefits here. One, the points are tax deductible. And two, they result in a lower rate to help qualify for bigger mortgage/better home or just lower the monthly carrying costs.)
5. What this tax credit may be able to do is ease the pain of a seller who is a veteran that has to lower their asking price because they will receive the benefit on their home purchase.
I have heard the arguments about whether or not the previous tax credits helped sell more homes, but I don’t think that matters because that is an “industry/political argument”. What I am talking about here is the opportunity for individual families that shouldn’t be wasted because of a lack of knowledge.
The mission of this blog is to get the information into the hands of the people. Well, people….are you going to make sure every Veteran you know is aware of this opportunity?