Texas Veteran Home and Land Loans

The Texas Veterans loan programs for homes, land, and home improvement are some of the most competitive sources of mortgage financing available in the marketplace today. The program limits lender fees as well as pegging interest rates which lenders may not add to for premium pricing on interest rates.
If you are a Texas veteran or know anyone who is and may be in the market for a home, land, or home improvement loan, call me for more information. I do not do the loans, but can give you some very valuable information.
Call Roger @ (214) 549-9198 or email to rlburrow@realtor.com

DETAILS OF $8,000 TAX CREDIT FOR FIRST TIME HOME BUYERS

We just received this information from our Keller Williams office...it is a simple explanation, as we understand it, of the First-Time Home Buyer Tax Credit that is part of the Stimulus Package that was just signed by President Obama.

Essentially, first-time home buyers within certain income limits who purchase a home in 2009 before December 1, 2009 will receive a tax credit of up to $8,000.

To qualify as a first-time home buyer as defined in the programs, the purchaser (and the purchaser's spouse) may not have owned a home in the THREE YEARS prior to the purchase date of the home. Single family homes qualify for the program. The home must be the primary residence.

The tax credit is subject to adjusted gross income (AGI) limitations as follows: $8,000 tax credit for AGI of less than $75,000 if single or less than $150,000 if married filing jointly; phased out for AGI up to $95,000 single/$170,000 joint.

The amount for the credit is the lesser of 10% of the home purchase price or $8,000.

The $8,000 tax credit will not be repaid unless the home is sold within the first three years. If sold, the full amount of the tax credit must be repaid upon sale.

The $8,000 tax credit does not restrict a purchaser from utilizing state/local revenue bond money to help finance the home purchase.

The program is similar to the $7,500 tax credit which was applied to home purchases made in 2008 after April 9, 2008. Some differences are:

1. While a purchaser still owns the home, the $7,500 credit must be repaid in equal payments over a period of 15 years, starting with the 2010 tax filing.

2. Upon sale of the home, any portion of the $7,500 credit not yet repaid is due in full.

3. The $7,500 credit was not available to any purchaser utilizing state/local revenue bond money to help finance the home purchase.

4. Under both the $7,500 and the $8,000 programs, the credit may be applied to the purchaser's 2008 income tax return. Any tax refund monies due to the purchaser will be sent as an IRS refund.

Hopefully this information is helpful, but we understand it can be a little confusing so please feel free to call us or email us at any time if you have questions or would like to learn more about the tax credit and if it would be of benefit to you.