The $8,000 federal tax rebate is not just for first time homebuyers. Anyone who has not owned a home in the last three years is eligible too!

This tax rebate is part of the American Recovery and Reinvestment Act of 2009. The best part about it is the money does not have to be repaid back as long as the home you purchase is your primary residence for the next three years.

This deal is going fast–you have until December 1 of this year to purchase a home–in other words, your home loan┬áneeds to close by November 30, 2009. That means that you need a signed contract with the home seller by the beginning of November! That leaves you three months to find a new home.

What homes qualify? Single-family detached homes, townhomes, and condominiums, as well as new constructions.

Speak with your tax specialist about the details of filing for the rebate.

Kerry N. Greenwald, US Army/USAR, Sr. VA Loan Specialist