VA Loans

Do not rely on what you hear about VA loans; rely on what information you receive from Tni LeBlanc of Mint Properties.  Mint Properties is the “go-to” REALTOR®for active military personnel, retirees, and first time buyers relocating to the Vandenberg AFB area.  Obtaining a VA loan is most often filled with a huge amount of paper work and can be confusing. At best the process is arduous and can stress you out. You are in experienced hands with Mint Properties.

FEDERAL TAX CREDIT EXTENDED FOR SOME MILITARY PERSONNEL*

The $8,000 first time home buyer tax credit has been extended until April 30, 2011 as well as the $6,500 tax credit for repeat home buyers. Also, members of the uniformed armed services, Foreign Service, or employees of the intelligence community who have served on extended duty (at least 90 days) outside the US after December 31, 2008 and before May 1, 2010 are eligible.

In addition, qualified military members must have a sales contract in place by April 30, 2011 and the transaction must close by June 30, 2011. You may not amend your 2009 tax return.

There is also good news for military home sellers. Qualified service members who have received government orders for extended duty service (at least 90 days) and 50 miles away from their principle residence or while under government orders and residing in government quarters are exempt from the tax credit recapture rule after December 31, 2008

*Buyers and sellers should consult with a legal or tax professional for tax advice. This website does not offer legal or tax advice.

VA LOAN BENEFITS RECAP

The most popular VA benefit for more than 29 million veterans and service personnel, who are eligible to receive benefits, is the VA Loans Program. Several reasons buyers desire the guaranty of a VA Loan Program are as follows:

  •   Allows qualified buyers to purchase a home with no down payment
  • There are no monthly mortgage insurance premiums
  • Limitations on buyer’s closing costs
  • Offer financial counseling

To be eligible for the VA Loan Program you must be a Veteran who has served active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime.

The VA Loan Program serves as a guarantor on loans made by private lenders such as banks, savings and loans and mortgage companies. The guaranty means a lender is protected against loss and therefore does not require a down payment allowing more favorable financing terms.

Any further questions can be answered by Tni LeBlanc at Mint Properties.  She is an experienced REALTOR® that can guide you through the complex field of VA home loans.

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