SAN DIEGO, Nov. 2, 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. The website expertly handles the many questions loan borrowers may have on mortgage loans with their helpful tools and numerous and user-friendly article guides. Recently, the loan borrower website has released a new informative guide entitled "Is A Down Payment On A House Tax Deductible? (Kind of a Big Deal)." The article itself helps support readers with a few tips on down payment on a house tips while ultimately answering the question of whether or not down payments can indeed be deducted from a home owner's taxes.
The article gets straight to the point in answering the article's presented question by explaining: "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."
On top of that, there are a few mortgage lender guidelines when making a down payment. Depending on the specifications of the mortgage programs, down payment minimum requirements can differ from loan to loan. A primary example of this would be certain conforming mortgages, which may require anywhere from 5 to 15 percent on down payments.
Even though down payments on a home mortgage loan are not tax deductible, the article luckily points out that there are still some benefits loan borrowers can reap when purchasing a home with a mortgage loan. Unlike a down payment on a house tax, there are other mortgage expenses that are considered tax deductible, among them being:
- 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 loan borrowers may be denied the privilege of tax deductions of mortgage loan down payments, there are still many other mortgage expenses considered tax deductible that loan borrowers can enjoy. The Loan Love article reminds advises potential first time borrowers to avoid the complications associated with tax deductions by checking for special mortgage programs like liberal mortgage loans. Visiting the HUD (House and Urban Development) can also be of great use for borrowers to learn more on particular home mortgages.
To learn more on a down payment of a house, please visit LoanLove.com for the full article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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