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See this link - IRS pub. 936 p. 7. Very well explained. http://www.irs.gov/pub/irs-pdf/p936.pdf Hope this helps!

"Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee."

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14y ago

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Related Questions

Is the VA Funding Fee considered Mortgage Insurance for tax purposes?

no,


What percentage of disability is needed to waive a VA funding fee on home loans?

To waive the VA funding fee on home loans, a VA loan borrower must be receiving compensation for a service-connected disability rated at 10% or higher. This means at least a 10% disability rating is needed to qualify for a waiver of the VA funding fee.


What are the differences between a Va mortgage and a convention mortgage?

VA has easier qualifying guidelines for borrowers. They also have a funding fee that can be good/bad. You wont have to pay a monthly PMI, and you can come with zero down. Rates are great, and have nothing to do with your credit score Conventional - harder guidelines, and you may have to pay a high monthly PMI payment. You maybe required to put 5% down or 10% down in a declining market. Your credit score/down payment will determine your rate. FHA has same guidelines as VA, but only has a 1.5% funding fee. You will be paying a 0.5% monthly mortgage insurance premium for at least 5yrs. Rates are usually better than a VA loan.


Do you have to show va payment on tax forms?

VA compensation payments for service connected disability is NOT reported as taxable income on your income tax return.


What is the deadline for filing VA 760ES for the tax year 2015?

The deadline for filing VA 760ES for the tax year 2015 is January 15, 2016.


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