Orange County, CA VA loan borrowers may still be eligible for the $8,000 First Time Buyer Tax Credit. For everyone else the First Time Buyer tax credit expired if they did not have an offer to purchase a home accepted by April 30, 2010. But military home buyers may still have time provided they meet certain qualifications.
Who Qualifies for the Military Extension of the Tax Credit? Must be a member of the “uniformed” services?
- A member of the “uniformed” services, or
- A member of the Foreign Service of the US, or
- an employee of the intelligence agency
- a spouse of any of the above
Are the additional qualifications if an Orange County VA Loan Borrower is interested in the Tax Credit?
Yes, they must have had:
- Extended duty outside the US for 91 days, or
- Extended duty outside the US for 91 days and had to relocate more than 50 miles from principal residence, and
- All this happened between the dates of January 1, 2009 and April 30, 2010.
How Long is the Tax Credit Extended?
Orange County, CA VA loan borrowers have been given an extra 12 months to get an accepted offer on a home. They must have an accepted offer by April 30, 2011, and then they must close escrow by June 30, 2011.
There are a few more items to keep in mind with this extension. To clarify the qualifications, an Orange County VA loan borrower is eligible for the tax credit if they had extended duty, which could be inside or outside the US and is longer than 90 days, and had to move more than 50 miles from their primary residence.
The VA Loan Limits vary from county to county. The VA loan program is really about the only program available for Orange County home buyersto purchase a home with $0 down. While the max price allowed for most of the United States for 100% financing on a VA loan is $417,000, Orange County is considered a “high cost” county because of the high prices of homes. Because of this, an Orange County VA loan borrower can purchase a home for $593,750 with $0 down payment. Los Angeles has the same limit, while San Diego cap’s out at $437,500. The Inland Empire max is $417,000.
The Time to Buy an Orange County Home is Now
In addition to the Federal First Time Buyer Tax Credit, there is also a $10,000 California First Time Buyer Tax Credit. So VA loan eligible borrowers could actually get $18,000 just for buying a home (and with $0 down). With home affordability at an all time high, now is a great time for Orange County VA loan eligible first time buyers to take the next step and get PreApproved for a VA loan.
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