Veterans, here are the top three reasons to buy a home in 2011, according to the VA Mortgage Center's Matt Polsky, our guest blogger:1. Be Your Own Boss Renting a home is kind of like being that insecure entry level employee just waiting for the boss to walk in and say, “Pack up your things; your time is up.” When you Buy a Home you become your own boss. While it does require responsibility, you are calling the shots. If you want to tear out the upstairs bathroom and make it into a secret room with a stash of collector military dog tags, that’s your prerogative.
2. The 2011 Tax Credit for Military Members Last year, the IRS was busier than ever. Tons of people claimed their $8,000 tax credit for first-time home buyers. Some people waited for returns for months. Military members avoided the traffic. Thanks to officials in the government, active duty service members received another year to claim the credit. The deadline is quickly approaching-- April 30, 2011 to enter into a binding contract and June 30, 2011 to complete the sale. For conventional loans, the $8,000 will cover about 1/3 or less of the down payment on a new home. Hey, that’s better than nothing. Or—veterans could take advantage of the VA loan.
3. SAVING THE BIG BUCKS WITH THE VA LOAN With the VA loan, military home buyers do not need to worry about a down payment. Take that $8,000 and fold it up, stuff it in your pockets, hide it under your bed or deposit it in the bank. Once you’ve done that, take a close look at all the other benefits of the VA home mortgage program.
Low Interest Rates
Low Monthly Mortgage Payments
Low Closing Costs
Appraisal and Inspection of the Intended Home
No Monthly Private Mortgage Insurance Payments
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