What tax benefits are there to homeowners?
Kalamazoo & Portage Michigan
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.
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Contact Information
Joel Nelson Keller Williams Realty Kalamazoo 8075 Creekside Drive Portage, Michigan, 49024
Office: 269-492-7582 Cell: 269 760-1558 Fax: 888-234-7221
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Can I find foreclosed HUD homes |
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Where can you find Kalamazoo & Portage Michigan area foreclosed HUD homes?
The U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale to both homeowner-occupants and investors.
You can only buy HUD-owned properties through a licensed real estate broker, whose commission will be paid by HUD.
Down payments vary depending on whether the property is eligible for
FHA insurance. If not, payments range 5 to 20 percent. When the
property is FHA-insured, the down payment can go much lower. Each
accepted offer must be accompanied by an "earnest money" deposit equal
to 5 percent of the bid price not to exceed $2,000, but not less than
$500.
You should be aware that HUD homes are sold "as is," meaning limited
repairs have been made but no structural or mechanical warranties are
implied.
Questions about Kalamazoo & Portage Michigan Real Estate?
Ask us below or Call us Now at 269-760-1558
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