0
What else can I help you with?
Is the VA Funding Fee considered Mortgage Insurance for tax purposes?
no,
Do VA loans require Mortgage Insurance Premiums?
VA loans do not require Mortgage Insurance Premiums (MIP), which is a significant advantage over conventional loans. Instead, VA loans charge a one-time funding fee, which can be financed into the loan amount. This funding fee varies based on factors such as the borrower's military service and down payment amount. Overall, this makes VA loans a more cost-effective option for eligible veterans and active-duty service members.
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.
Is the iff fee allowable cost?
The "IFF" fee, or Indirect Federal Funds fee, is generally considered an allowable cost when it is specifically authorized by the terms of the grant or contract governing the funding. However, whether it is allowable can depend on the specific regulations and policies of the funding agency, as well as the context in which the fee is incurred. It's important to review the relevant guidelines and consult with the funding agency or a compliance officer for clarification.
What do you need to qualify for a VA loan?
VA loans are specifically for returning veterans who cannot otherwise qualify for a loan due to bad credit, or other reasons. You must also be able to pay the 3.15% VA loan funding fee to receive this loan.
Is the VA Funding Fee considered Mortgage Insurance for tax purposes?
no,
Are VA funding fees tax exempt?
Yes, VA funding fees are generally considered tax-exempt. They are not classified as taxable income and do not need to be reported on your federal tax return. However, it's important to consult with a tax professional or the IRS for specific guidance related to your situation.
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.
Is the VA funding fee tax deductible?
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."
Are computers tax exempt under the Virginia tax holiday?
No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!
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.
Alabama probation fee how can you be exempt?
Who is a good bad credit lender online
Is the iff fee allowable cost?
The "IFF" fee, or Indirect Federal Funds fee, is generally considered an allowable cost when it is specifically authorized by the terms of the grant or contract governing the funding. However, whether it is allowable can depend on the specific regulations and policies of the funding agency, as well as the context in which the fee is incurred. It's important to review the relevant guidelines and consult with the funding agency or a compliance officer for clarification.
What is the first time veterans loan purchase funding fee?
january31,2009
If ss disability payments are exempt from a bankruptcy why would your disposable income change if the only added income was from the ss?
Is VA Disability income exempt from bankruptcy income claim?
What is the Violation fee 313.01 In Hapers Farry West Va?
$1,000,000
Can a bank garnishs a VA disability check for a default debt to the bank?
No - not social security and not disability - they are totally exempt.
