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The USDA Home Mortgage: Cheaper Than the FHA?

22 Jan , 2016  

Boy, competition’s getting fierce up in this real estate market, don’t you think? Home prices are rising. Down payment averages are rising. And the Chinese are still looking to Texas (among other places in the U.S. Let’s face it: America’s looking great. But as Americans, we still want the better bang for our buck! And if there’s one thing that still will cost a pretty penny, it’s a house!

You’ve Got Mortgage Insurance, for Example

It’s a necessity in the industry to protect the lenders. In fact, that’s what allows lenders to offer such low down payment requirements. But here’s the deal – you, the borrower, still need to pay for it. And many, many borrowers might not even realize that mortgage insurance will come out of your pocket. Plain and simple.

Thankfully, certain home mortgage programs offer competitive prices for mortgage insurance, and FHA is one of them – 1.75% of the loan amount is what you can expect to pay for insurance on a mortgage loan. Not too bad. That’s somewhat better than the VA home loan – another favorable program for low-income situations – with a mortgage insurance percentage of about 2.4%. But did you know there’s one home mortgage program out there that beats even the FHA?

You Guessed It: the USDA Home Mortgage

That’s grade A premium beef in the real estate industry, with a percentage of just 2% of the initial loan amount – and to make it even more interesting, the annual mortgage insurance charge is just .5% of the remaining balance over the course of 12 following payments. A much better deal than the .85% annual charge the FHA imposes.

Want to learn more about the USDA home mortgage? Check it out right here. Nothing against FHA, but maybe you want something a bit better. Just make sure you qualify for it! Because when we talk about grade A premium beef cuts, we don’t mean small shanks.

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Condominiums,Credit Repair,HOAs,Home Mortgages,Home Renting,Home Selling,Land Contracts,Landlords,Real Estate Market,Rent-to-Own Homes,Taxes

Divorced Couples Living Together: It Does Happen! (For Tax Reasons)

22 Jan , 2016  

Think about the future here. Let go of the animosity (especially if you have kids!), because sometimes while the pain and tumult of divorce can be overwhelming, sometimes the money issues, especially with the house, can hurt even more! Something you honestly don’t want….

You Might Be Divorcing Your Spouse, But Try Not to Divorce Your Entire Life

Might be asking much, but when it comes to your taxes, you have an option here (as crazy as it may be). You can live in the home together. Promote stability. Be civil. Care. This also keeps all tax obligations amicable and mutual, neither side benefiting or hurting more than it should.
And here’s the bonus: you get more bonus tax advantages when you do eventually sell the home!
Also do keep in mind that just because you also own the home, doesn’t mean you always have to technically live there either. However, your mail will continue to arrive at that house. So make sure the ex-spouse realizes that and doesn’t shred the material every time he/she sees your name.

It’s the Simplest Way to Get Taxes Figured Out About the House

But it’s not for the faint of heart. Talk to a consultant with the Income Tax Planning Network about it some more and see if this may be an option for you. Check out this guide on taxes during a divorce as well for more possibilities. Because, remember: it’s just a house.

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Condominiums,Credit Repair,HOAs,Home Mortgages,Home Renting,Home Selling,Land Contracts,Landlords,Real Estate Market,Rent-to-Own Homes,Taxes

Buying Farmland and Some Cows Can ACTUALLY Save You on #Taxes? It’s true — much to the dismay of…

22 Jan , 2016  

Buying Farmland and Some Cows Can ACTUALLY Save You on #Taxes?

It's true — much to the dismay of many of the middle class, and it's sneaky. But thanks to a slight loophole in tax law, many of the wealthy have been able to take their massive properties on rural land assessed for millions of dollars, get the "use-value assessment" typically reserved for farmers and obtain a property tax credit.

What then happens? It's that tax credit bringing the value of, say, a $71.4MM valued property down to as little as $290K! They're basically able to have that rural land at such a low cost in terms of property tax that it almost seems like a steal (it is, actually).

You simply need to prove that you live on the acquired rural land. That's it. You don't have to do any farming, tilling the soil, milking cows or maintaining a chicken coop. File your property taxes under this tax credit, and you're golden.

There are many other supposed "tax shelters" out there to help maximize your refund. Just click below! And be sure to sign up with #ITPN  immediately and get your 2-hour tax return filed right away.

8 Top Tax Shelters That’ll Blow Your Mind

You’re probably wondering what tax shelters are and why they’re so important. Read this and find out how your tax refund could blow up huge!

The post Buying Farmland and Some Cows Can ACTUALLY Save You on #Taxes? It’s true — much to the dismay of… appeared first on Selling Your Home With Social Media.

The post Buying Farmland and Some Cows Can ACTUALLY Save You on #Taxes? It’s true — much to the dismay of… appeared first on The Complete Real Estate Site.

Condominiums,Credit Repair,HOAs,Home Mortgages,Home Renting,Home Selling,Land Contracts,Landlords,Real Estate Market,Rent-to-Own Homes,Taxes

#Finance   #ITPN   #Education   #College   #Taxes

22 Jan , 2016  

#Finance   #ITPN   #Education   #College   #Taxes

Income Tax Planning » Blog Archive » The 529 College Savings Plan: Benefiting Taxes and Education

Talk about killing two birds with one stone: the 529 college savings plan, operating very much like a retirement plan, not only saves up some on the expense for college later on life, but cuts down on your taxes over time. A nice little tax shelter benefiting you in the long run and ensuring …

The post #Finance   #ITPN   #Education   #College   #Taxes appeared first on NATIONWIDE PROPERTY VALUES.

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Condominiums,Credit Repair,HOAs,Home Mortgages,Home Renting,Home Selling,Land Contracts,Landlords,Real Estate Market,Rent-to-Own Homes,Taxes

A House Divided Doesn’t Necessarily Mean Bad Tax Advice

22 Jan , 2016  

Considering the fact that the marriage failed in a home with bad memories often contributes to the decision for both soon-to-be ex-spouses…

Condominiums,Credit Repair,HOAs,Home Mortgages,Home Renting,Home Selling,Land Contracts,Landlords,Real Estate Market,Rent-to-Own Homes,Taxes

One Thing to Know About the USDA Mortgage Loan: Take a Look at Your Income

22 Jan , 2016  

Don’t get us wrong, though: the USDA mortgage is quite the secret in the real estate market. Just check this article out for yourself. If there was a way for someone to get a home loan approval fast and easy, it would be the USDA. But there are certain guidelines to keep in mind.

Keep an Eye on Your Income and Your Debt

It’s called the debt-to-income ratio. How much debt do you have? Is it ruining your credit? Do you need Lexington Law or Independent Credit Solutions to help you through those muddy waters? Good. Do it. But bear in mind that if the debt, plus the mortgage amount, just happens to be over 31% of your actual monthly income, the specific loan might be a no for you.
The VA program, another mortgage program out there, sticks to the similar rule: 41% is their measuring stick. Jumbo mortgage loans, the conventional ones, however, tend to stick to lower ratios overall given the assumption that when you take out a home loan, you’re entrusted to pay it every month despite whatever debt you already have.

And That’s What the Mortgage Guideline Is For:

It’s to protect you from buying a home that might be too expensive. When debt continues to drown you out, foreclosure commences. That’s something this real estate market won’t want given the growth we’re seeing in down payment averages and home prices.
So what should you do? Get on the right path, and without a doubt, the USDA mortgage loan might be your best bet, because it has plenty of benefits! Clean up your debt. Fix your credit. Sign up with the HOPE Program.

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Condominiums,Credit Repair,HOAs,Home Mortgages,Home Renting,Home Selling,Land Contracts,Landlords,Real Estate Market,Rent-to-Own Homes,Taxes

#ITPN   #Taxes  #Finance #RealEstate #Business #Investments

22 Jan , 2016  

#ITPN   #Taxes  #Finance #RealEstate #Business #Investments

Income Tax Planning » Blog Archive » The 1031 Exchange: Building Bigger Houses of Cards

We’re sure many wonder just how people get rich: tenacity. That’s the only way we can describe it. It all boils down to how you buy a candy bar for a buck and then sell it for two bucks. Simple as that. Increase the scale as high as you want to go, and you have a major money maker on your hands.

The post #ITPN   #Taxes  #Finance #RealEstate #Business #Investments appeared first on The Complete Real Estate Site.

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Home Selling,Taxes

Maximizing Tax Benefits for Selling the Home After Kids Grow Up

6 Jan , 2016  

Divorce doesn’t have to destroy the kids. There are options out there, and they’re not to blame. So it just so happens that many divorcing couples find the option to keep the home when dealing with a divorce until those kids move out when they’re older. There’s a specific reason to doing this, in that it’s not going to be a forever thing when owning the home indefinitely — eventually, that home will get sold!

The Tax Benefits Are Obvious, But Keep This Important Point in Mind….divorce tax-5

If you’re going to sell that home later on, make sure you get that attorney on your side to stipulate in the divorce agreement that the home still is your “main residence” for tax purposes. The law states that you won’t get the tax benefits of selling the home if you’re not living in the home for at least two of the last five years of that primary residence.

So if the son and daughter are only in their teen years, and you’ve moved out, selling the home leaves you high and dry while the ex-spouse reaps the tax benefits. Therefore make a point to research with the Income Tax Planning Network and find out what you need to do to settle the issue correctly.

Because Selling a Home Can Be a Benefit

Tax benefit, to be exact. It just takes timing. And divorce is anything but timely. Make it a point to sign up with ITPN and talk to an expert immediately. Get the lawyer, too, while you’re at it. Divorce doesn’t have to destroy the finances, especially when you’re facing the issue of selling that home. Either you sell the home and make anywhere around $250K in profit, or you’re not paying attention to those tax laws and have to fork over a ton of that profit to the IRS. You pick.

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