Veterans Can Still Take Advantage of the $8000 tax credit! 100% VA Home Loans In Owensboro, KY

Owensboro, KY VA home loanMilitary Personnel Can Still Claim The $8,000 Homebuyer Tax Credit

Less than two months remain.

Eligible persons include members of the uniformed services, members of the Foreign Service, and intelligence community employees who served at least 90 days of qualified, extended duty service outside of the United States between January 1, 2009 and April 30, 2010 (and spouses).

The federal home buyer tax credit ranges up to $8,000 for first-time home buyers, and up to $6,500 for existing homeowners. Existing homeowners must have lived in their "main home" through 5 of the last 8 years to be eligible.

Claiming the federal tax credit is a two-step process. First, eligible persons must be under contract for a new home on or before April 30, 2011.  The home's closing must then occur on or before June 30, 2011

The IRS does not make date exceptions.

And, both the buyer(s) and the subject property must meet certain minimum eligibility requirements:

  • The home may not be purchased from a parent, spouse, or child
  • The home may not be purchased from an entity in which the seller is a majority owner
  • The home may not be acquired by gift or inheritance
  • Each buyer must meet tax credit eligibility standards
  • The home sale price may not exceed $800,000
  • Buyers may not earn more than $125,000 as single-filers; $225,000 as joint-filers

For additional information regarding your tax credit eligibility, call an accountant. Speaking with a tax professional is often worth the cost.

The complete guidebook is available at http://www.irs.gov/individuals/military/index.html.  I will gladly forward a copy, if you would like.Owensboro, KY 100% VA Home loan

To get pre-qualified for your Owensboro, KY, 100% VA Loan, contact:

David Pauley, Wintrust Mortgage Corporation, (502) 327-9240, Mobile:  (502) 592-4181, Fax:  (502) 493-1622

After getting pre-approved, call me and we'll get your home search started!  Karen Pannell, Owensboro, KY Real Estate, 270-903-2167

 http://www.karenpannell.com

 Facebook: facebook.com/kpannell1owensboro, ky real estate

Click Here to Search all Owensboro Area Homes

Text or Phone:  270-903-2167

Owensboro, Kentucky 42301

Comment balloon 3 commentsKaren Pannell • March 08 2011 02:11PM

Comments

Karen -- great post for veterans and the agents who have veterans as clients.  Lots of good information here.

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 over 8 years ago

Michael - yes!  I didn't know Military personnel were still eligible

Posted by Karen Pannell, Owensboro KY Real Estate -270-903-2167 Homes, Cond (Real Living / Home Realty) over 8 years ago

Great blog, Karen! Very informational and detailed. It's funny - I remember back to the days when VA homes were selling for around $80,000 and now we are talking about VA homes in the $800,000 neighborhood.

Posted by Rocky Dickerson over 8 years ago

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