Toll-Free: (888) 234-5758
Phone: (954) 523-3870
October 19, 2010 - Soldiers and veterans are given excellent deals when they take out first time homeowner Department of Veterans Affairs (VA) loans. The tax credit extended to borrowers was set to expire, but was extended through 2011. This extension allows borrowers to save anywhere up to and including $8,000, and the buyers must be in contract for the home's purchase by April 30, 2011.
To make VA loans even more attractive, last month showed interest rates the lowest they have ever been. For 30 year fixed loans, interest rates hovered around 4.25%. Additionally, there is a no money down 100% financing option available. Coupled with the $8,000 tax credit, these enticements should give first time VA homeowners all the motivation they need to purchase their first home right now. All soldiers and veterans who served honorably in an armed service for at least 90 consecutive days during war or 181 consecutive days during peacetime qualify for the VA home loans. Additionally, current members of the Reserves and the National Guard qualify.
The tax credit is only offered to first time homeowners purchasing a home for under $800,000. Single buyers cannot have an income exceeding $125,000 a year and couples cannot make more than a combined $225,000. Should first time VA homeowners exceed the income limit, they will still likely be able to take advantage of a partial tax credit, pending qualification.
There are specific parameters that must be met in order to qualify for the tax credit. Borrowers must:
Never have potential first time VA home owners seen a better time to purchase that home. VA loans in themselves offer outstanding benefits. Extending the tax credit to the deal makes the VA home loan that much more attractive.
Soldiers can return home with a number of conditions, injuries, and aggravated preexisting conditions. If you believe you have a service-connected physical or psychological injury you may be entitled to Veterans’ Disability Compensation.
At LaVan and Neidenberg, we are determined to secure veterans their rightful disability compensation and disability rating. We wrote this book for you! In it you will find valuable tips on how to navigate the claims process and avoid common pitfalls. Request your FREE copy today!
Or, complete our short contact form or call us directly at 1.888.234.5758 to schedule your FREE case evaluation.
Post a Comment to "Veteran Homebuyer Tax Credit Extended"
To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."