Real Estate NEWS
Lowe's Expands Support of the Military with Year-Round Discount
Feb. 10th, 2010
10 Percent discount for Active, Reserve, Retired and Disabled Military Personnel and Immediate Family Members all day, every day
Available on in-stock and special order purchases up to $5,000
Website sales, previous sales, purchase of services or gift cards are excluded from this offer.
Members of the Military have 1 extra year to take advantage of the federal home buyer tax credit
December 2009
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
For more information please see IRS publication
Senate Proposes Military Homeowner Relief
Week of February 02, 2009
The "American Recovery and Reinvestment Act" (S. 336), most commonly known as the economic stimulus bill, has an administrative provision that would relieve military homeowners on PCS orders who are bottom up on their mortgages or otherwise suffer a significant loss on the sale of their homes.
The bill would temporarily extend coverage to these groups under the Homeowners Assistance Program (HAP), which normally only applies to members whose home values are depressed by base realignments and closures. The provision would cover servicemembers and federal civilian employees in these categories who purchased a primary residence before July 1, 2006 and who receive PCS orders or suffered a wound, injury, or illness while deployed between that date and September 30, 2012.
Update October 2009:
The Army Corps of Engineers is finally able to process applications. Please review their website for up-to-date information and application package.
Seller beware: you have to carry some of your loss, so if you are upside-down on your mortgage you'll still have to bring money to the table!
Update March 2010:
PCS rules have been changed - reassignment must now be before 30 September 2010