First time home buyers hoping for an extension of the $8000 first time home buyer tax credit are probably out of luck. It doesn’t look like that has any legs in Congress, so on April 30th if you’re not in escrow to buy your first home, this tax credit will have passed you by.
But, if you’re a first time home buyer in Temecula, Murrieta and other parts of southwest Riverside and San Diego County there are other tax credit programs you can use.
But, the government in a rare and lucid moment did grant an extension of the $8000 first time home buyer tax credit to certain members of the military.
Members of the U.S. armed forces, military intelligence, or foreign service on qualified extended duty get an extra year to take either credit. And if you or your spouse has been deployed overseas for 90 days or more in 2008 or 2009, you have until April 30, 2011 to claim the tax credit.
Not in the market now? Well the tax credit could help you anyway.
Even if you’re not planning to buy another house soon, the credit could help your net worth. The first iteration of the credit certainly seemed to have an impact — the National Association of Realtors says first-time buyers accounted for more than 45 percent of home sales in the past year.
If the new tax credit works as well, it could aid the sales of hundreds of thousands of additional homes, sopping up more of the excess inventory. And that’s exactly what you want to happen: Your home value can’t begin to rise until the other homes in your neighborhood are sold.
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Tags: murrieta first time home buyer, Riverside First Time Homebuyer, san diego first time home buyer, temecula first time home buyer
How about Los Angeles County??
It applies to all military members who meet the qualifications, regardless of location.