Unless you are a member of the military who was recently deployed overseas, you may have missed out on one of the best real estate deals ever. As of April 30, 2010, the Federal Homebuyers Tax Credits expired for the vast majority of Americans, but not for military personnel serving outside of the U.S.

This recent development is great news for many members of the Armed Forces and certain other federal employees.  They now have an extra year to buy a principal residence and still qualify for up to $8,000 in tax credits.

Colorado Springs has a large military community, including Peterson AFB, Fort Carson and Schriver AFB.  Many of these soldiers have spent more than 90 days serving in Iraq or Afghanistan over the past year, making it very difficult to buy a home in Colorado Springs.  Thanks to this extension of the home buyer’s tax credit, Colorado Springs military relocations are expected to spike in the area.  This is welcome news for many people trying to sell a home in Colorado Springs.

To take advantage of this tax credit, military personnel, Foreign Service members and the intelligence community must have been deployed for active duty for a period of at least 90 days.  It also applies to service members who, for medical reasons, were forced to return the United States before completing an assignment.  Qualified service members must enter into a binding real estate contract by April 30, 2011 and make settlement on the purchase by June 30, 2011.  In order for married couples to be eligible for the tax credit extension, only one spouse must have served overseas on active military duty for the required amount of time.

If you have been considering buying a home in Colorado Springs, there are many beautiful neighborhoods near the military bases in the Colorado Springs area.  Action Team Realty, a Colorado Springs based realtor, can help you find the perfect home for you and your family.