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Tax Credit Deadline is Extended for Active Military

If you're a service member who has been on official extended duty for at least 90 days between January 1, 2009 and April 30, 2010, you can rest easy. You've got another year to take advantage of the home buyer tax credit!

The April 30th deadline still applies to all non-military home buyers, and it's drawing near. But, there's still time -- you must be under contract by April 30th and close before June 30th. So, while it's nearly impossible to make an offer and close within the short two weeks remaining, it's still a possibility to get a sales contract in place before the deadline.

For those honorable men and women who have been serving our country, you must have a contract in place by April 30, 2011 and close by June 30, 2011. The extension also applies to anyone who was sent back to the U.S. due to medical reasons prior to completing a full 90 days of active service.

Also, service members who take advantage of the tax credit and move within three years won't be subject to the recapture rule. Ordinarily, if the home fails to qualify as the principal residence within three years of purchase, the tax credit would need to be repaid. Because of the unique circumstances facing service members, they are exempt from this rule.

If you're a service member who has returned from active duty within the qualifying time period, contact an Idaho mortgage lender to get a pre-approval and to learn how to take advantage of a VA Loan!