Military Advantage

Take Advantage of the VA Benefits You've Earned to Finance Your New Home. The Department of Veterans Affairs (VA) was first created in 1930 and is responsible for providing federal benefits to veterans and their families. Today, over 25 million veterans (including family members or survivors of active personnel) are entitled to VA Benefits. Under the original GI Bill created in 1944, the VA began helping veterans purchase homes with federally guaranteed home loans and no down payments. Today, Veterans and current enlisted military personnel may qualify for the following VA home loan benefits;

  • 100% No Down Payment Financing
  • Flexible Credit Standards
  • No Monthly Mortgage Insurance/ Lower Payments
  • Loan Amounts up to $417,000*
  • First Time Home Buying

*2009 Maximum VA loan limits may exceed $417,000 depending on the county/state you're looking to purchase a new home in. For more information, please click on the link for eligibility requirements or answers to Frequently Asked Questions. Also, Federal tax credit extended for eligible military members until April 30,2011.

Additionally, there are new benefits for members of the military and certain other federal employees:

  • Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual's spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

  • In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer's principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual's spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer's principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

To begin finding your new home, click here or call Desert Knoll at New Homes in Twentynine Palms 760-437-5252.