Don’t Forget The $8,000 Tax Credit For VA Home Buyers Until 11/31/2009

Don’t forget the amazing once in a lifetime deal the U.S. Government is offering right now for first time home buyers. Of course this is also available to first time homebuyers using their VA eligibility to purchase a home. And technically you don’t have to be a first time home buyer, you just can’t have owned real estate in the last 3 years.

So in short, the way the tax credit works is if you paid $8,000 in taxes this year the IRS will cut you a check for $8,000! And you do not have to pay it back. So put this together with a 100% financing VA loan + having the seller credit you for closing costs + the $8,000 home buyer tax credit. That would mean you would potentially MAKE $8,000 by buying a house right now.

The tax credit currently expires on November 31st, 2009. So you have about four months left to purchase a home to get the credit. Once you close on the house, you just fill out and IRS form, get a copy of your HUD 1 closing statement from the sale of your house, and then work with your tax preparer to arrange getting the tax credit.

And remember the excellent benefits of the VA home loan available only to active military and military veterans: