Up to $8000 first-time homebuyer tax credit has ended

HOWEVER: Very few are aware that a $8,000 tax credit for first-time home buyers (and the $6,500 tax credit for repeat home buyers), although expired for most, is still available to some active duty military personnel. Military service members who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010, may qualify for a one-year extension. We kept our home buyers tax-credit page live (even though it no longer applies to non-military) because it remains a great resource for our most valued active duty members and their families. Remember we provide a custom modular home frequently asked question page as an additional ready resource for you.

Am I eligible?

If you have not owned a home in the past three years, you may qualify. That’s right, even if you or your spouse owned a home more than three years ago, you are still considered first-time homebuyers and may qualify for the tax credit.

Existing homeowners thinking about moving into an Avalon Building Systems home may also be eligible for an up to $6,500 tax credit. (For details, visit FederalHousingTaxCredit.com.)

Am I entitled to the full $8,000 home-buying tax credit?

It depends on your modified adjusted gross income (MAGI) and current eligibility.

How does the home-buying tax credit work?

It is a direct tax credit that reduces the amount of taxes you owe. It’s different from a tax deduction, which only reduces the amount of your income that is subject to tax.

If your eligible tax credit is more than what you owe in taxes, the balance will be refunded to you. (See an example scenario at FederalHousingTaxCredit.com.)

This is not a loan. You do not have to repay this tax credit.

How long does the program last?

The federal home-buying tax credit applies to homes contracted for sale by 04/30/10 and closed on by 06/30/10.

Whether you build with us or take advantage of one of our quick-move-in homes, time is of the essence! Start your home search today!

How can Avalon help?

Today’s historic low interest rates plus our low prices equate to low monthly payments. In fact, the monthly payment on your new Avalon home could be less than your monthly rent!

Avalon is a better way to a better home. And this is a great time to buy. With years of home building experience, Avalon has helped many families like you realize the American dream of homeownership. For additional details on the federal home-buying tax credit, visit FederalHousingTaxCredit.com.