The First-time Homebuyer Tax Credit for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010; has been extended for qualified service members who are ordered on a period of official extended duty.  These dates have been extended one year; therefore the take credit applies to sales with a binding contract in place on or before April 30, 2011 and closed by June 30, 2011. 

You may qualify if you were on “official extended duty” outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010. 

You can receive a $8,000 tax credit if you are a first time homebuyer, or up to $6,500 if you were a “long-time homeowner,” (owned and lived in current home last 5 of 8 years prior to purchase).   The property you purchase must be your principal residence and be under $800,000 to qualify.

The credit must be repaid if the purchased property is sold, or no longer your principal residence within 36 months after purchase date.