Were you a Guard or other U.S. military member serving on qualified official extended business outside the United States for at least 90 days during the period between December 31, 2008 and May 1, 2010? If so, you may be eligible to receive the $8,000 tax credit offered for first-time homebuyers as long as you purchase, or enter a contract to purchase, a home before April 30, 2011, and close on the home before June 30, 2011.
The definition used for “first-time homebuyer” in this case is someone who has not owned property in the last three years. So, even if you’ve had a home in the past, you could be eligible as a first-time homebuyer if you fit within these guidelines. Additionally, you must be purchasing a primary residence. There is a $6,500 credit available to long-time homeowners buying a replacement principal residence as well. Please see the IRS website for additional qualifying guidelines.
This gives service members who may not have been in the country at the time the full opportunity that their fellow citizens had to take advantage of this government incentive.
Often, people find that they can purchase a home for not much of a difference than what they pay in rent every month. With VA, you can get into a home with $0 out-of-pocket cost, since it is one of the few loans that will finance 100% of the appraised value of the home.
Here at Creekside Mortgage, we have helped a number of Veterans purchase homes and receive this tax credit. Combined with historically low property values and great interest rates on VA loans, you can hardly turn this down! Give us a call with your questions.
360-571-LOAN (5626) / 530-445-1038