With President Obama signing the stimulus package , there is a brand new version of the tax credit for home buyers. You can of course get this credit when using your VA eligibility to buy a home. Here are some highlights:
#1 - you no longer have to pay back this tax credit if you buy your house between Jan 2009 to Dec 2009, and do not sell your home within 3 years
If you owe no taxes, you get the full $8,000. Say you owe $2,000 in taxes, you will get a $6,000 tax refund check for buying a house in 2009.
If you owe taxes the credit will go towards that, if you owe less than $8,000 you will get a refund. So if you owe $1,000 in taxes you will get a $7,000 refund.
2009 is a great year to buy if you are a veteran. Prices are low, Interest rates are at historic lows and now you get money from the IRS
You could use the refund to buy nice new furniture for your new home.
The stimulus plan allows for an increase in the Fannie Mae and FHA loan limits for CA, the limit is now $729,000 in many parts of CA.
Give me a call if you would like to discuss using a zero down VA Loan to purchase a home. Rob Chomentowski
Sr. Loan Officer and FHA and VA Loan Specialist
858-922-7899 (direct) - 15224
#1 - you no longer have to pay back this tax credit if you buy your house between Jan 2009 to Dec 2009, and do not sell your home within 3 years
If you owe no taxes, you get the full $8,000. Say you owe $2,000 in taxes, you will get a $6,000 tax refund check for buying a house in 2009.
If you owe taxes the credit will go towards that, if you owe less than $8,000 you will get a refund. So if you owe $1,000 in taxes you will get a $7,000 refund.
2009 is a great year to buy if you are a veteran. Prices are low, Interest rates are at historic lows and now you get money from the IRS
You could use the refund to buy nice new furniture for your new home.
The stimulus plan allows for an increase in the Fannie Mae and FHA loan limits for CA, the limit is now $729,000 in many parts of CA.
Give me a call if you would like to discuss using a zero down VA Loan to purchase a home. Rob Chomentowski
Sr. Loan Officer and FHA and VA Loan Specialist
858-922-7899 (direct) - 15224
