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Written by Veterans Home
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Saturday, 16 February 2008 |
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Qualified veterans and active duty military can obtain a loan of up to $417,000, or $625,500 in high-cost areas, with no money down.
VA home loans offer no out-of-pocket costs - the costs in acquiring VA home loans can be rolled into the total loan cost so no cash is required.
- VA home loans allow you to deduct your mortgage interest and local property taxes from your federal income taxes. If the VA home loan allows you to itemize your deductions, you may also be able to write off many other expenses too.
- VA home loan payments help build your personal wealth. Unlike rent payments, a portion of the VA home loans payment goes toward building equity in the house.
- As you build equity in your VA home, you'll find it easier to qualify for other loans for new cars, education and better interest rates.
- The tax code is generous to VA home owners.
- Not only can you deduct interest on your VA home loan payments, but you can avoid taxes on the profit from selling your home, if you buy another home of equal or greater value within two years of the sale.
- IRS rules also allow you to avoid taxes on up to $250,000(or $500,000 married filing jointly) of profit on the sale of your VA home.
- PMI is not required with VA home loans, compared to conventional loans. (Private mortgage Insurance)
- The more you know about VA home loans program, the more you'll realize how easy it is to buy a home and start building your personal financial wealth.
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Last Updated ( Sunday, 17 February 2008 )
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