No official announcement yet from the White House, but word is that that home buyer tax credit will be extended to April 30th 2010 and expanded to include some move-up home buyers.  The tax credit is one of those “once in a generation” type of windfalls that is a huge financial benefit for those buying a house.   In summary, once you close on a home and you qualify for the tax credit, in weeks you will get a check for up to $7,290 in a refund for federal taxes that you paid.  That is an absolutely insane gift from the Government, and has never been seen before and may never again.  So it is worth it to try and take advantage of this tax credit and purchase a home by April 10th 2010.  And using a 100% financing VA loan to purchase the house is a wonderfuk way to do this. 

Some main points of the new tax credit below:

The income caps for first-time home buyers is still $75,000 for individuals and $150,000 for couples (remember you don’t have to technically be a first time home buyer, you just can’t have owned a primary residence in the last thress years)

For move-up buyers, the income cap is $125,000 for individuals and $250,000 for couples.

There is a minimum five year residency requirement living in their current home for move-up home buyers.

The tax credit is the lesser of $7,290 or 10% of the purchase price.

The credit runs from December 1st, 2009 to April 30th, 2010, with an additional 60 day period to close escrow. You just have to get your purchase contract accepted by April 1oth and then you have until the end of June to close.

The bill has not been signed yet, I have heard it will be by Friday

Please give me a call at 858-922-7899 if you have any questions about applying for a VA Loan or don’t hesitate to email me at homeloan8@gmail.com.

Warm Regards,

Rob Chomentowski

Sr. Loan Officer (and VA Loan specialist)

858-922-7899

homeloan8@gmail.com

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