About Russell County, AL

Federal Housing Tax Credit: Special Rules for Qualified Service Members

Call Mike Tarleton at Primary Residential Mortgage with any questions or for a free pre-qualification. (706) 888-0980.

Exemption From Tax Credit Recapture Rules

· Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.

· However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

· The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by September 30, 2010.

· However, for qualified service members who are ordered on a period of official extended duty, these dates are extended. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

· A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.

Definitions

· "Qualified service member" means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.

• "Official extended duty" means any period of 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.

The first wave of 200 out of approximately 3,000 soldiers arrived early this morning. We welcome you back and thank you for your service!!!

www.gamedayforheroes.com

Moving to Ft. Benning? Check out this great resource on Facebook.

http://www.facebook.com/#!/pages/Columbus-GA/Ft-Knox-to-Ft-Benning-Useful-Information-for-Ft-Benning-Newcomers/114335591933102?ref=sgm&__a=17&ajaxpipe=1

Several Local Businesses are posting information about Benning, Phenix City and Columbus. This is mostly a real estate related site, but any questions about our area will be answered.

Market Report for the Fort Benning area in Alabama

Phenix City, Smiths, Fort Mitchell and Seale

We saw a slight drop in home sales in May, an 8% decrease from April.

Total Homes Sold: May-91 April-98

Average Days on Market: May-127 April-162

Average Sold Price: May-$151k April-$144

New Listings Taken: May-198 April-231

Total Sold Volume: May-$13.7 mil April-$14.1 mil

VA financing continues to be the popular method. Many military families find that the west gate area to Fort Benning brings a little more home for the money.

FHA financing was second, cash sales led conventional financing. This maybe due to investors purchasing foreclosures.

Please contact me for more information about the market or any other information about the area.

Check out this great video, Flags of Our Fathers, but Columbus Georgia's own Keni Thomas:

http://www.youtube.com/watch?v=eGiZP-4eHc4