www.lasvegasmtg.com Report: What every Realtor should know about Veterans Home Loans and was afraid to ask.
Did you know that there is a special provision that allows an extension for one year to receive the $8,000.00 Tax Credit? When the tax credit was extended last year along with the $6,500.00 dollar tax credit for the people that have already owned a existing home and resided in the home for 5 out of the last 8 years, there was added this provision for active veterans an extension of the $8,000.00 Tax Credit for one full year expiring 04/30/2011.
To qualify for the tax credit extension the active veteran has to have been on tour overseas for at least 90 days or been stationed overseas from December 1st 2008 through May 1st 2010 to be able to qualify for this extension of the $8,000.00 tax credit. If the veteran meets these guidelines the veteran would have to have a valid contract before 04/30/2011 and close by June 30th, 2011.
Did you know that a Veteran can only have one active VA loan at a time? Did you know that if two married Veterans want to purchase another home the spouse's unused Veterans Eligibility could be used to purchase another house?
Did you know the existing house could be used as a rental property without regard to proving a history of rental management or be required to have equity in the existing house?
Did you know that VA loans have not changed the maximum sellers concession allowed like FHA but still will allow up to 4% sellers concessions?
Did you know that VA does not have a buy and bail provisions to qualify for a purchase of another house? Unlike FHA and conventional loans requirement of 6 months reserves for both properties VA does not require the reserves only to qualify with both payments.
Did you know that Veterans may be able to avoid the Veterans Funding Fee saving them 2.3% to 3.3% additional loan cost by asking one simple question? If the Veteran has been classified with a minimum 10% service disability before discharge or received a service related disability the Veterans waives the Veterans Funding Fee.
Did you know that Veterans with Disabilities living in Nevada can save up to $1,000.00 dollars on property taxes? By providing the Clark County Tax Assessors office your disability assessment you can receive the $1,000 tax exemption.
For more information on Veterans benefits contact me.