Great news for members of the Armed Forces trying to buy a home in Key West! Congress has granted a one-year extension for service members who may have been serving overseas when the Home Buyer Tax Credit was originally offered.

The extension was provided with good reason. Many members of the military were serving overseas and could not take advantage of the program within the original deadlines. If you are a qualified service member, you can take advantage of an extension of the program. The new program deadline is April 30, 2011.

In the original tax credit, if the home buyer moved out of the home within the first three years of ownership, they had to repay the Tax Credit. This contingency has been waived for service members if the move is related to an official extended duty.

If you’d like to see if you qualify for the Armed Forces extension, check out Home Buyer Tax Credit site.  The main requirement is that you must have been on “official extended duty” between the dates of December 31, 2008 and May 1, 2010, with duration of duty being at least 90 days. Also, service members who returned to the US for medical care may still qualify for the extension.

Some guidelines remain the same. The income limits of $125,000 for individuals and $225,000 for couples filing jointly still apply. The extension applies to both first time home buyers and repeat buyers, and is available to members of the military, Foreign Service, and intelligence communities.

So if you’re ready to kick back and enjoy the island life in Key West or any of the Lower Keys, call Margarita Villoch! She is the only local real estate resource you’ll need.