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Although the $8000 First Time Homebuyer Tax Credit expired on May 1, Veterans still have a chance to take part in the savings. Certain military personnel and Foreign Service employees have an extra year to purchase a home and qualify for the credit.

Obama’s Worker, Home Ownership, and Business Assistance Act extends until April 30, 2011 for military families and active-duty service members living overseas. In addition to extending the credit, this legislation also helps military personnel by making mortgage payments tax deductable.

Members of the “Uniformed” Services, Foreign Services, Intelligence Community, and their spouses qualify for the credit. In addition, persons who sold a residence between Jan 1, 2009 & April 30, 2010 because they had to relocate at least 50 miles due to "orders" qualify for a tax credit, even if they owned a home between the above time periods. Income, age and sales price limitations still apply.

Eligible persons must have had extended duty outside the U.S. for 91 days or extended duty within the U.S. for 91 days that forced them to relocate at least 50 miles from their principal residence.

For more information, see the following article: http://www.military.com/money/content/pcs-dity-move/home-buyers-tax-credit.html