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Some military families may still qualify for homebuyer tax credit

Some military families can still take advantage of the homebuyer tax credit.

Some military families can still take advantage of the homebuyer tax credit.

While the first-time homebuyer tax credit expired for the vast majority of Americans earlier this year, there are many military families who may still be able to get the credit.

A provision in the legislation extends the bill's deadline by a year for the families of service members who have recently been deployed - meaning that home contracts need to be signed by April 30, 2011, and deals need to close by the end of June. In order to qualify for the extension, service members need to have been deployed overseas for at least 90 days between December 31, 2008 and May 1, 2010.

"For those troops who were deployed overseas and didn't get the advantage of the tax break, this is a wonderful opportunity for them to get the same tax advantage all other Americans had the same opportunity to receive, and at the same time, they get to realize their dream of home ownership," veterans service officer Mark Landis told KFYR-TV.

The credit may allow many moving families to take advantage of currently low interest rates. According to the Mortgage Bankers Association, the average interest rate on a fixed-rate 30-year mortgage for the week ending November 5 was just 4.28 percent.