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December 04, 2010

Active Duty Military here is some GOOD News! - Tax Credit - Real Estate
Yes! There is some great news that has not been talked about much! Active duty and some other federal, foreign service, employees in San Diego County interested in making a good deal even better should be happy to know that there are at least three good reasons to move on that home purchase. The $8000 first time tax credit is still available to qualified members of the Military services. This may be an important bit of information to spread to family members or friends on active duty. For current active duty members that are homeowners and decide to purchase a new home they can be eligible for a tax credit for us to $6,500.

If you qualify and have been looking in La Jolla, Scripps Ranch, Rancho Bernardo, UTC ? University City or any other San Diego County community for a new home here are reasons to take action:

1. Prices are low, but are beginning to move slowly up over the last 4 months,

2. Interest Rates are still well below 5% last week 3.75 and today 4.25 was about average for a 30 year fix rate conforming loan,

3. The Tax credit may offer a wonderful advantage (check with your tax consultant) The VA will be the agency that determines eligibility, but a loose definition is a service member that served extended duty outside the United States for 90 days or more during the time frame of January 1st 2009 through 30 April 2010. The new home must be under contract (signed contract) by 30 April 2011 and it must close prior to 30 June 2011. The tax credit is for 10% of the home's value up to $8,000 for a first time home buyer and up to $6,500 for an existing home buyer purchasing a new home. Contact the Mills Team if we can assist you with any part of your information gathering and home purchase come in and sit down with Ruth about the many resources and solutions to your Real Estate needs are available to you.

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