Buyer Tips and Advice

Tax Credit still available for qualifying Military homebuyers

The Federal Tax Credit is still available to qualifying military and foreign service members.

Since the Federal Tax Credit expired in September 2010 for most of our clients, some of you may have forgotten that Congress approved an extension of the Federal Tax Credit specifically for service members (member of uniformed services of the US military, a member of Foreign Service or the US or an employee of the intelligence community) who served outside of the US for a period of at least 90 days from Dec 31, 2008 and May 1, 2010.

The Federal Tax Credit extension calls for the sales contract to be in place on or before April 30, 2011 and the purchase must close by June 30, 2011.

The tax credit is available not only to First Time Home Buyers but also to repeat buyers.

And don’t forget that qualified service members are who are receive orders to another area are exempt from the recapture rules.

With San Diego having the largest concentration of Naval facilities in the world, VA loans are, or should be, a large portion of our mortgage production.

So let’s get the word out to all those stationed at Camp Pendleton, MCAS Miramar, MCRD, Naval Base Point Loma, 32nd St, and North Island and Amphibious Base Coronado.

VA loans in San Diego County have a max of $537,500 with zero down. However, for those of you who market to a higher price point, VA loans do go up to $1,094,625 with a down payment of approximately 13% depending on the veteran’s entitlement status.

VA loans have no monthly mortgage insurance and the upfront VA funding fee can be financed into the loan. The funding fee is reduced based on down payment.

VA loans are available in 30 and 15 year fixed rates as well as an awesome 5/1 ARM product that can really maximize your client’s purchasing power

Obtain addiditonal information by contacting me directly, or visit my webisite at https://lauraborja.com

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