Extended Tax Credit For Service Members.
Service Members Get Extra Year for Tax Credit
Members of the U.S. military, Foreign Service and intelligence communities have another year to purchase a home and claim the home buyer tax credit.
Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract and until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.
The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they receive government orders to move.
USDA Update.
The feds have not allotted money for USDA as of yet. WE are still closing USDA loans. Average turn times are 30 days.
The GUS system has not yet been updated with the new funding fee of 3.5% so all files are manually underwritten until the change is done. So approvals are running about 3-5 days for full files excluding the appraisal.
Have your clients call me and lets get some loans closed.
Have a great day and look forward to becoming a business Partner with you.
Kevin
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