Mortgage rates have not been this low since the 1940's. It is the perfect time for not only veterans, but military personnel to think about buying a home. Interest rates and home prices will rise soon.
The $8,000 tax credit is available to all first home buyers. But there is a special rule for military personnel who are on active duty overseas. The tax credit was extended until April 2010, but military personnel have an extra year to buy a home and still qualify. They have until April 30, 2011.
The April 30th deadline is for bidding or contract, but you will have until June 30th to close the deal.
There are new rules for the added extension. The tax credit that expired on November 6, was extended to the following April, but new rules apply. For the majority of home purchasers, the new rules will not apply. Here are some examples: House must cost less than $800,000, must be over 18 years of age, max of $225,000 income for joint filers, $125,000 for single. As we said, most of you are not in those categories.
The extra year for military personnel overseas is a pretty good deal. Many are overseas, but will be returning after April 30. Having that extra year will lessen any strain for any must-buy situations. We would love for all our military personnel to come home safe and get into a new house.
Veterans, your VA Home Loan benefit is still the best thing out there. It is one of the few last no-down payment home loans available. There is help for closing costs and other perks available only to veterans and the VA Home Loan program.
>Click here for more information on Veterans VA Home Loans.
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