Military Home Buyer Tax Credit Extension + VA Home Loans is a Great Combination

By
Mortgage and Lending with First Time Home Buyer & Down Payment Assistance Specialist in So Cal. NMLS 315238

Few people in California realize that members of the Military's Armed Forces, Foreign Service, and Intelligence community are granted an extension through April 30, 2011 to qualify for the $8,000 first time home buyer tax credit as well as the $6,500 tax credit for repeat or ‘move up' buyers tax credit.  Qualified service members must fully execute a binding purchase contract in California's Inland Empire of Riverside and San Bernardino counties, San Diego, Orange County, or Los Angeles County, by April 30, 2011, and have until June 30, 2010 to close their transaction.

I'll admit it, I don't always agree with our current administrations policies, but President Obama did the right thing by extending this tax credit for our countries military personnel who served overseas and were unable to take advantage of this great opportunity.  I'd actually like to see it extended even further for our military if possible.

Who Qualifies?

Qualified Service Members are members of the uniformed services of the U.S. Military, a member of the Foreign Service, or an employee of the intelligence community.  Qualified service members are those who were on orders for extended duty outside the United States for at least 90 days during period of December 31, 2008 and May 1, 2010.  For married service members to qualify, their 90 day service must have taken place in 2009.

There is also an exemption for those who were forced to return to the U.S. for medical reasons before completing their assignment of at least 90 days.

The government has also waived the three year recapture feature for qualified service members if they have to sell their home due to receiving government orders for extended duty service.

Combine this with a California no down payment 100% VA home loan that requires no monthly mortgage insurance, our military and armed forces personnel have a great opportunity to own their own home with almost nothing out of pocket if negotiated correctly.

Take Advantage Now: If you would like to learn the details in qualifying for either the $8,000 first time or the $6,500 repeat or ‘move up' home buyer tax credit, or even determine how much of a loan you can qualify using the VA loan benefit, just call me (951) 215-6119, email me brad(at)homeloanartist.com, or visit my primary website Inland Empire Mortgage, Rates & Real Estate. I service mainly the Temecula, Murrieta, Menifee, Lake Elsinore, Corona, Riverside, Canyon Lake, Fallbrook and North County areas but can help buyers all over Southern California secure their home financing.

Comments (2)

Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good Morning Brad, thank you for posting the information, it is important.

Sep 24, 2010 10:14 PM
Brad Yzermans
First Time Home Buyer & Down Payment Assistance Specialist in So Cal. - Temecula, CA
Temecula-Murrieta-Menifee FHA/VA Mortgage Lender

You're welcome Dan.  I imagine with more troops coming home they ought to know what is available to them.

Sep 25, 2010 10:32 AM