| Are you aware that you may get paid $20,000 to buy | | | | qualify. |
| a home? Have you heard about the credits offered to | | | | To take advantage of the VA Home Loan Centers |
| first time home buyers? | | | | first time home buyer credit, you must not have been |
| Just yesterday (June 22, 2010) the federal government | | | | a homeowner in the last 4 years. The credit offered |
| announced that they will be extending the $8,000.00 | | | | by VA Home Loan Centers is available for |
| first time home buyers tax credit. If you are a | | | | government insured mortgages only. This means it is |
| California buyer, you can also qualify for another | | | | limited to VA, USDA and FHA transactions. These |
| $10,000.00 in state tax credits. If you are a California | | | | credits are only available as funds last. However, |
| buyer and use VA Home Loan Centers for your VA, | | | | service members who were on official extended duty |
| USDA or FHA loan, you will receive another credit up | | | | outside of the United States for at least 90 days |
| to $2,000.00. If you use all of these in combination, you | | | | between Jan.1, 2009 and May 1, 2010, may qualify for a |
| will receive up to $20,000.00 in first time buyer credits. | | | | one-year extension. |
| You may ask yourself, how can I take full advantage | | | | Once you have purchased the home, you will need to |
| of these offers? To begin with, you must be a first | | | | have your CPA fill out the California form 540 and the |
| time home buyer to apply for the federal and California | | | | federal IRS form 5405. After these forms are |
| state credit. This is defined as a buyer who has not | | | | submitted, all you have to do is simply wait for your |
| owned a principal residence during the three-year | | | | checks! The VA Home Loan Centers credits will be |
| period prior to the purchase. In a nutshell, if you have | | | | given at the close of escrow and no claim form is |
| not been a homeowner in the last 3 years, you will | | | | need. |