Orange County, CA First Time Buyers using VA financing will be pleased to know that the First Time Home Buyer Tax Credit has been extended. For most home buyers, the tax credit has been extended through June 30, 2010, as long as the purchase contract has been signed by April 30, 2010. But for members of the Armed Forces who meet certain criteria, the extension goes out an extra 12 months.
Expanded Rules for Members of the Armed Forces to Benefit Orange County Buyers
For those members of the “Uniformed” services, or members of Foreign Service of the United States, or employees of the Intelligence Community, the following exception will allow for the extended deadline dates. Extended Duty is defined as “Official Orders outside the United States for at least 90 days during the period from 12-21-2009 to May 1, 2009.
First Time Buyer Tax Credit Deadlines for Extended Duty Borrowers
The tax credit dates are extended to include the following:
- Contract must be signed by April 30, 2009
- The transaction must be closed by June 30, 2009
This extension will help a lot of people. The tax credit was set to expire on November 3o, 2009. Now, with the expanded and extended rules, Orange County first time buyers will have plenty of time to find a home and close escrow. The Tax Credit is good for up to $8,000 or 10% of the sales price, whichever is less. Since there aren’t many homes in Orange County priced less than $80,000, most Orange County home buyers will get the full $8,000.
Income Limits Are Increased
The new rules have increased the income limits to $125,000 for Single tax filers and $225,000 for Married tax filers. This is quite a bit higher than the previous limits, and will help those buyers looking in the higher price ranges. The purchase price must be less than $800,000.
Orange County Buyers Should Get PreApproved
Orange County First Time Home Buyers should get PreApproved for a VA loan prior to shopping for a home. It is important to know what you will qualify for before getting too far into the home buying process. Also, sellers will not even accept an offer from a buyer unless the buyer has been PreApproved by a lender. PreApproval is a quick and easy process. The first step is to contact an Orange County Direct VA lender.
Authored by Tim Storm, an Orange County, CA Loan Officer MLO 223456– Please contact my office at Emery Financial Group for more information about an Orange County, CA home loan. 877-786-4243 x 7.
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com