Military Families Get Extended Housing Tax Credit

Home buyers today are very aware that time is running out for the purchase of a new home - in fact the last few days of the month of April are probably going to be fraught with stress with many home buyers and Realtors alike because unless they are able to get into a binding contract by April 30, the federal tax credit will be lost. But military families do not need to rush. Their deadline for the federal home buyer's tax credit is April 30, 2011. April 30th is the last date to enter into a binding contract and the deadline to close a purchase transaction is June 30, 2011.

This includes military personnel, members of the Foreign Service and employees of the intelligence community. The extension applies to any individual and if married to the individual's spouse who serves on qualified official extended duty service outside the United States for at least 90 days during the period of December 31, 2008 and May 1, 2010.

All other home buyers must be under contract by April 30, 2010 and close by June 30, 2010 to qualify for the federal tax credit.