$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:

The tax credit is only available if you have not owned in the last 3 years.

The tax credit is only good until December 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 can use your refund to do what ever you want with. A great vacation, a new car what ever.

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

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