The Lund Team Real Estate Blog

First-Time Homebuyer Tax Credit Extended for Veterans
If you or your spouse is a member of the armed forces and has recently served active duty outside of the US for at least 90 days between January 1, 2009 and April 30, 2010, you could still qualify for a first-time homebuyer tax credit of up to $8,000. Furthermore, if you receive a VA loan, you may be eligible for more savings.

VA loans are available to active military personnel, veterans, and spouses. They do not require a down payment, interest rates are cheaper than other home loans, and do not require mortgage protection insurance.

Tax credit qualifications include:
- Your income cannot exceed $125,000 if you are single.*
- Your combined income cannot exceed $225,000 if you are married.*
- A purchase agreement must be signed by April 30, 2011.
- The home purchased cannot exceed $800,000.
*If your income exceeds these levels, you may be eligible for a partial tax credit.

For more details, please visit: www.militaryunited.com.