Question by Johnpau2012: Can we deduct the amount what we add towards our mortgage principal for taxes ?
Lets say I sent a check of 10K to my mortgage bank to add it to my principal balance.
Now this 10K amount can I show it anywhere in my tax returns ?
Do I get any return on this 10K what I have added to my principal balance apart from monthly mortgage what I have been paying?
Best answer:
Answer by rtfm
You can only deduct mortgage INTEREST on your taxes, more about ampoule not what you pay toward the principal.
What do you think? Answer below!
Question by twosis: Is it possible to get a home loan with bad credit?
My credit score is around 530 and My husbands is around 630. I have charge offs from 2005 (that will be on my credit report until 2012)
We both have good jobs and bring home around 7000 together each month. We also have around 30, information pills 000 saved up for a down payment.
Since our income is decent, see and we have a down payment (more than 10%) is it likely we will be able to find a home loan for a new home?
Best answer:
Answer by Huba
It may be possible but try to not overextend yourself. Try to get pre-approved before you go house hunting. I recommend a credit union. They usually don’t charge to run an application through. Home prices are currently falling (slightly) as are interest rates. You may be better off to continue to build up your savings for a few months; make sure you pay off debts but do not close credit cards (they want to see you have available but not used credit). There are many first time home buyer programs out there which may be just what you need.
Know better? Leave your own answer in the comments!
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It’s possible to get a loan with your husbands credit score but most likely not with yours. That’s okay though because you don’t have to use both. It sounds like your income and what you have saved is an excellent start to buying a home. Make sure you get in touch with a reputable lender, they don’t have to be in your own state either.
You’ll get lots of negative comments to your question but rest assured there are loans available for you. You want to make sure though that you have stayed current on all debts for at least 12 months.
Whatever loan you get make sure it has no pre-payment penalty because you’ll have to accept a bad loan if you want to do this soon. You’ll want to refinance soon.
Consider a lease-to-own with a seller also. Gives you time to get your credit back in order. Might get a good deal on a house and no need to qualify for the loan for another year or two.
Good luck.
You still could probably be approved for a loan but, the interest would be very high.
Yes though they might not put you on the loan in order to get a better rate. A good loan officer will ensure you get the lowest possible monthly payment. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at http://www.totaldebtsolutionsllc.com and a Hometown loan officer will contact you .