The Few, the Proud, the Michigan Homebuyers Entitled to a 1 Year Extension on the Tax Credit

"Members of the Armed Forces and certain federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and still qualify for the credit. An eligible taxpayer must buy or enter into a binding contract to buy a home by April 30, 2011, and settle on the purchase by June 30, 2011."

MORTGAGE, EXPERT, MICHIGAN, BIRMINGHAM, BLOOMFIELD, DETROIT, ROCHESTER, ROYAL OAK, TROY

The quote above is right from the IRS website and concerns the Homebuyer Tax Credit. 

For most of the population, the Homebuyer Tax Credit expires this year.  For some Michigan Homebuyers, there's a one year extension.

This isn't anything new as it was part of the extension passed November 6, 2009.

It is something those that protect our country should be aware of and definitely take adavantage of.

To be eligible, the following applies:

• Must be a member of the uniformed military service, Foreign Service or intelligence community.


• Must have served a minimum of 90 days qualified official extended duty service outside the United States during the period January1, 2009 through April 30, 2010.


• All other conditions to qualify for the tax credit apply.

Remember that our veterans also have access to the best zero-down program still in existence - the VA Morgtage.

If you know of a Michigan Homebuyer that happens to be a veteran that may qualify, please have them contact me to discuss further.

For more information, please visit the IRS website. 

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In addition to real estate lending, consulting and investing, Drew Sygit writes & speaks about the mortgage & real estate industries.  He holds mortgage industry designations CMPS, CMC, CRMS, CMLO, CALO, has an MBA and is an approved industry instructor.  He's presented, spoken and/or written for HUD, Financial Planning Association, Financial Planners Association of Michigan, Michigan Association of CPA's, Institute of Continuing Legal Education, Oakland Real Estate Investors Association, North Oakland County Board of Realtors and numerous industry publications.  For mortgage loans, speaking engagements and questions he can be reached at dsygit@TheLendingEdge.com.  He also publishes his own blog:  http://DrewsMortgageNews.com & has a FaceBook FanPage: www.FaceBook.com/TheLendingEdge.