Texas Vets Get a Tax Credit When Buying a Home that others do not
Texas Vets have many breaks when buying a home in Texas from the Texas Vet Mortgage Tax credit program, Texas Vet Land board and for some Vets the $8,000 Federal Tax credit is still in effect for contracts signed by April 30, 2011 and closed by June 30, 2011 who are eligible for the credit.
Another home buyer tax credit called the Texas Vet Mortgage Tax Credit gives those who have served an opportunity to reduce their Federal Income Taxes by up to $2,000 a year. As a military vet in Texas you helped protect the American Dream for all of us. Now you have the opportunity to live it. Unlike other Home Buyer Tax credit programs you do NOT need to be a first time home buyer! To Qualify for this credit Here are the details but if you would like to start the qualification process you may fill out our online application here or just our contact page and a Texas Vet Loan specialist would be happy to assist you.
Requirements for Qualifying for the Texas Vet Home Tax Credit
- Texas Vet’s that served in active duty, were honorably discharged as evidenced by Form DD-214 and who have not previously had a mortgage financed through any mortgage revenue bond program with the state of Texas.
- You must still meet the applicable acquisition, income and purchase price limit requirements. our contact page for details in your area.
How big is the Tax Credit Texas Vets can receive?
The size of the annual Texas Vet tax credit will be 30% of the annual interest paid on the mortgage loan. However, the maximum amount of the Texas Vet home buying tax credit shall not exceed $2,000 per year. The credit cannot be larger than the annual federal income tax liability, after all other credits and deductions have been taken into account. Texas Vet home buying tax credits in excess of the current year tax liability may, however, be carried forward for use in the subsequent three years.
- Not all vets qualify for this vet tax credit. If you would like to start the qualification process you may fill out our online application here or just our contact page and a Texas Vet Loan specialist would be happy to assist you.
- You must Qualify for a Conventional, VA or FHA Home loan to receive the Texas Vet Home buying Tax credit.
- Veterans do NOT need to be a first time home buyer and may use this vet tax credit to purchase another primary residence
- If you are a first time home buyer you must take a home buyer education class either in person or online.
- You may not use the Texas Vet Home buying tax credit to purchase an investment property
- May not be combined with a Texas Veterans Land Board Home loan
- May not be used with a USDA Rural Development Loan
- You do not have to use your VA entitlement or VA Home Loan Entitlement. You may use a conventional, VA Home Loan or an FHA Loan and receive the tax credit.
For a complete list of programs terms, rates or to start the qualification process you may fill out our online application here or just our contact page and a Texas Vet Loan specialist will be happy to assist you.
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