CHAPTER 8 Home Loans - VA, FHA, SB A, FHA, SBA,
Conventional & Construction Loans Let me tell you something that most people don't know. You can use your VA Mortgage loan to buy land. Even better is you can get the VA to wrap your land purchase along with your new home construction loan.
I love it!
It converts from a construction loan to a permanent 30 year VA loan. The decision to buy a home puts you into a realm full of things you have not dealt with prior, especially if you used to rent your home. Owning a house brings a whole new experience. For example, consider taxes and mortgages. When you’re looking to purchase a home, it’s important to understand what can be deducted and what can’t. A powerful piece of information many home buyers overlook is the effect of mortgage interest on their federal income tax payments. Mortgage interest is deductible and a powerful financial planning tool. Calculate the amount of mortgage interest deduction and include that in your annual financial planning. Then, make a point of checking Internal Revenue Service (IRS) Form 1098 from the lender at the end of the year. This form shows the amount of mortgage interest that you’ve paid. Some of the nondeductible items include home repairs, general closing charges, homeowners’ association dues, as well as 100
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