Home Loan Options for our Nation's Veterans
While the First Time Home Buyer Credit has gone by the wayside as of April 30, 2010, there is still good news for our nation's veterans.
Rather than tell you myself, I thought I would share a GUEST POST from colleague Brandon Fischer from the VA Mortgage Center who is better equipped to share the good news for veterans regarding their loan options.
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Home Loan Options for our Nation's Veterans - Brandon Fischer
More than 2.5 million Americans took advantage of the recent home-buying tax credits, breathing new life into the sagging real estate sector.
The $8,000 tax credit for first-time buyers and the $6,500 tax credit for existing buyers expired at the end of April. Home sale figures will likely come back to earth in the coming weeks, but there's still one last group that's yet to get a complete crack at the tax credits: Military borrowers.
Armed Forces members who have been serving outside the country on extended duty received a special extension of the tax credits for existing and first-time buyers. Instead of expiring this year, some military members will have until April 30, 2011, to purchase a home and until June 30, 2011, to close.
The exemption applies to military members who were outside the U.S. for at least 90 days from January 2009 to April 30, 2010. Service members who did not meet the 90-day standard because of medical reasons may also be eligible.
Otherwise, those service members will simply have to meet the same requirements as their civilian counterparts. Those requirements include:
-First-time buyers and their spouses can't have owned a home in the previous three years
-The purchase price of the home must be $800,000 or less
-Individuals must have an annual income of no more than $125,000; married couples can't have a combined income of more than $225,000 per year
Service members who want to use the $6,500 tax credit for existing buyers must have lived in their home for five years. The rest of the requirements are essentially the same.
Together with the flexible buying power of a VA loan, the tax credits can make a significant difference for military members and their families. VA loans come with no down payment, no private mortgage insurance and competitive rates. They're easier to qualify for than conventional loans and have helped more than 18 million veterans become homeowners since the 1940s.
If you are interested, please feel free to contact Brandon via email at Brandon. Fischer@VAMortgageCenter.com
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