Remember if you go into contract by April 31st 2010 you get a $8,000 tax credit from the IRS. This is really an amazing once in a lifetime type of deal. You literally get a $8,000 check from the IRS. And if you are VA eligible you can get a VA loan with 100% financing.
One item to remember is that you have to live in the property for 36 months as your primary residence or your have to pay the tax credit back. However there are certain exceptions. If you are a military member and you are transferred to a different part of the county within the military, you may be exempt from this rule.
Also, you must have not owner a primary residence in the last 3 years to qualify for the full $8,000 credit. But even if you currently do own your primary residence and you are buying a new home, you can still qualify for a $6,500 tax credit.
Just think with a zero down 100% financing VA loan you can actually get a check for $8,000 to buy. You can actually make $8,000 by buying. This could be used to pay down debt, furnish your property, make improvements such as remodeling a kitchen or bathroom, or just put in the bank!
So if VA loan benefits and can get a VA loan, you may want to consider looking into it. Some advantages to VA loans:
- VA is the only major 100% financing, zero down home financing option available today
- VA loan credit scores do not have to be perfect to get the best VA interest rates
- Interest rates VA loans are STILL at historic lows
- VA loan limits in California cities like San Jose, San Francisco, Los Angeles, San Diego and more can get up very high to above $800,000 with zero down
- The guidelines to qualify VA loan are much more flexible than conventional and FHA loans
Give me a call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions or want to apply for a VA loan.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
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