$8,000 Home Buyer Tax Credit
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.
Say you owe $3,000 in back taxes, you will get a $5,000 from the IRS. Not a bad reward for buying a house.
This tax credit is only good until December 2009
You could use the refund to buy nice new furniture for your new home.
Additionally, the stimulus plan is raising the FHA and Fannie Mae and Freddi Mac loan limits back up to $729,000 in many parts of California. This means better interest rates and lower down payments for buyers in those higher price categories.
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Sr. Loan Officer and VA and FHA Loan Expert
858-922-7899 (direct)