Home Equity and Refinancing

FOR NATIONAL GUARDS AND SERVICE MEMBERS

You need a minimum of six years on duty if you are a National Guard or in the Reserves. All six years must be completed before you can apply for a VA Loan. Anyone who is discharged for a service-connected disability less than 6 years may still apply for a VA Loan but make sure you have a VA Loan Specialist working for you.

FOR ACTIVE DUTY

If after serving 181 days (90 days during the Gulf War) you are eligible for a VA loan unless you are discharged or separated from pervious periods of active duty service.

FOR RETIRED VETERANS

If you are a retired veteran you must be honorable discharged after 181 days (90 days during the Gulf War) of active duty. You can still apply for a VA Loan if you were discharged for a service connected disability for less than 90 days.

FOR SPOUSES

Surviving spouses who remarries on or after the age of 57 and on or after Dec 16, 2003.

Spouses may also be determined eligible if you are:

1. An unremarried spouse of a veteran who died while in service or died from a service connected disability.

2. Are a spouse of a service person missing in action or a prisoner of war

USDA loans and FHA loans are two separate products. USDA loans are available through the U.S. Department of Agriculture and are geared toward low-income borrowers living in rural areas. FHA loans, on the other hand, can be used for rural or non-rural property. To qualify for an FHA loan, your income and credit score usually must be higher than to qualify for a USDA loan. USDA loans may require no down payment; whereas FHA loans require a minimum down payment of 3.5 percent.

You can purchase a farm with an FHA loan, but the FHA will only allow you to finance the first 10 acres of the property. With a USDA loan, you may be able to finance significantly more land depending on the area.

Solomon

If you have no other debts and you have a comfortable cushion in your savings I would definitely pay extra to your mortgage because overtime it can save you a lot of money.

Example: 300,000 mortgage at 4.5% and 30 year term, paying just $200 extra per month reduces the number of monthly payments by 76, or 6.33 years, and reduces the interest and total paid by $59,436.41.

That is a huge savings for only $200 extra per month.

Yes, the nature of the structure does not change.

800 293 8158

If you meet all of the rules to qualify for the homebuyers credit YES. The FTHBC is a Refundable credit and when the credit amount is more than your total income tax liability, the excess amount will be refunded to you.

800-669-6607

1075

If you get anywhere near the battery *located in the front* or the electrical system, then yes, you have a problem. other than that, not really

A seller's concession is something the seller gives or gives up in order to make the sale. Therefore the seller's profit is reduced. However, seller's concessions are often used as a selling tool in a buyer's market. Many first time buyers need some seller's concessions in order to purchase the property. It depends on how much you want to sell. If you can afford to hold on to the property and do not need a sale at present, you can wait until the seller's market improves.

Yes this is possible.

Go to the IRS gov web site and use the search box for SALE OF HOME

Or you can click on the below related link.

It depends on how often you get payed and how much you owe.

In a most typical mortgage scenario, there are three portions to each payment. These are calculated by the escrow company at the origination of the loan and are recalculated annually. But most home owners just think of the monthly check they have to write as their "mortgage payment".

The three portions are:

- an amount that goes towards repayment of principal (this portion is usually very small in the first few years of the mortgage)

- the interest on the loan (this portion is usually the largest)

- the impounds collected by the escrow company to pay, twice a year, your property taxes and home owner's insurance on your behalf.

The loan interest and the property taxes paid during a year are deductible. Therefore, in practical terms, the mortgage payments can be thought of as deductible. Just don't go multiplying your monthly mortgage payment by 12. Your loan servicer usually mails you a statement in January with two numbers: interest collected and property taxes paid in the past year. Those are the numbers you need for your tax return.

Not for a dependent on another taxpayers income tax return.

yes

The terms are similar and both relate to reverse mortgages, however a reverse annuity mortgage often refers specifically to reverse mortgages where the borrower chooses to receive monthly payments from the lender rather than getting a lump sum of cash upfront or a line of credit.

Given that a reasonable estimate of the price of a home should not exceed 2 1/2 times your income, you would need a $60,000 annual income to purchase a $150,000 home.

What is the apr for 17% add on for two years

u ter in rentals.

A home loan is dependent on many things.

Down payment, credit score, etc.

So yes but if you have little credit history it will be more difficult.