Is A Down Payment On A House Tax Deductible? Loan Love Answers The Queries Of Borrowers In A New Article

SAN DIEGO, Nov. 1, 2013 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Loan Love's website provides many innovative online tools which are complimented by in depth articles and videos which can enable loan borrowers to find the perfect mortgage loan for their home purchasing needs. A brand new article posted on the loan advice website titled "Is A Down Payment On A House Tax Deductible? (Kind of a Big Deal)" answers many questions loan borrowers may have on mortgage down payments and tax deductible mortgage expenses while providing essential refinancing tips.

Loan Love's article starts off by saying: "Is a down payment on a house tax deductible?" is a common question asked by first-time home buyers. While it would be wonderful if the appropriate answer was "Yes," it's not to be. Buying a home does offer multiple tax deductions, but down payment dollars are not among them. Depending on the specifications of mortgage programs, different down payment percentages apply. Unfortunately, regardless of the mortgage program you want, real estate down payments are not tax deductible."

The article further delves into some of the different down payment minimums home buyers might be faced with when working with various differing loans. Among some of the few mortgages loan borrowers should be aware of include conforming mortgages and government mortgages such as FHA (Federal Housing Administration) or VA (Veterans Affair) home loans. These home loan down payment minimums will ultimately vary, so knowing a loan's down payment minimum requirement is important.

More so, there are different down payments depending on the mortgage loan. What the article explains is that while these rates vary from loan to loan, none of the loans off tax deductibility for home down payments whatsoever. There are, however, a few advantages that come from purchasing a home. Mortgage loans even allow some expenses to be tax deductible, such as:

  • Mortgage loan interest.
  • Real estate taxes.
  • Closing fees that increase the APR (Annual Percentage Rate) of the mortgage loan.
  • Mortgage insurance, required on all FHA and VA loans and on conforming or conventional mortgages higher than 80 percent loan-to-value (LTV).

Although down payments on a loan for purchasing a house cannot be deducted, Loan Love reminds loan borrowers that they need not fret when it comes to mortgage down payments. "Wherever you live, check with your state to see if they have some special mortgage programs just for first time homebuyers. Many lenders and state agencies offer more liberal mortgages for first timers. Don't you feel special? You should, as lenders and state governments often try to offer help to first time homebuyers to navigate the confusing waters of home ownership" the article claims.

For more helpful information regarding tax benefits for home owners, please visit LoanLove.com to read the full article.

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

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SOURCE LoanLove.com



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