Question by swaroop: Can I claim Income Tax for home loan which(flat) is under construction?
Can I claim Income Tax for home loan which(flat) is under construction.
Do I need to occupy the house for claiming the Income Tax. What is the criteria for claiming and how much I can claim.
Best answer:
Answer by Himanshu Goyal
As per indian income tax act 1961, erectile cost you can claim deduction for repayment of home loan(principal amount) for home which is ready and not under construction. this deduction is available under section 80c upto maximum of rs. 1 lac.
also u can claim interest deduction under section 24 after the completion of house and the interest for the period of construction can be claimed after construction in 5 years.
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Question by In the Kitchen: What kinds of things does FHA look for when inspecting a home for sale?
What structural items are they looking at when a buyer applies for an FHA loan?
Best answer:
Answer by Lisa L
FHA does not do an inspection. An FHA appraiser does the appraisal. FHA has cut back on the rigid rules of a few years ago. That is why you should have an inspection done.
The appraiser will look in the attic for possible leaks or damage. S/he will go into crawl space. Be sure there is a vapor barrier in the crawl space. Broken glass is a problem but cracked glass is no longer a problem. That was a big surprise to me. The house should be safe, sildenafil sound & sanitary. A raised deck with no railing would be an issue as well as open stairs with no handrails if more than 3 steps. Peeling paint outside is an issue, more about possibly inside if house was built before 1978.
The appraiser is not an inspector. Unless it is glaring it probably will not be an issue. I repeat, get an inspection.
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FHA Home Loan Modification Online Explained All About How to Get It
FHA Home Loan Modification Online Explained All About How to Get It. Now, remedy many borrowers can reduce their mortgage payments and get their finances back on the proper tack by applying for FHA home loan modification online and qualifying for it. However …
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FHA looks to tweak some mortgage requirements
To increase revenue streams long term, FHA is also abandoning its practice of allowing borrowers to cancel their annual mortgage insurance premium payments when their loan balance drops to 78 percent of the property value. In effect, this will mean …
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Mortgage Rates Today: Bank of America, Wells Fargo and BB&T Refinance …
Those seeking for a long-term FHA-insured mortgage loan, will see BB&T Bank's 30-year fixed FHA deal being advertised at a rate of 3.000% plus an APR of 3.420% as of Friday. Please, see lenders' websites for more information on current mortgage loan …
If you would like more informaiton please visit here…
FHA to Raise Mortgage Insurance Premium
To try to head-off a request for taxpayer funds, viagra sale FHA says it will raise insurance premiums on FHA loans by one percent. The agency will also require those mortgage insurance policies to remain in effect, there even after the borrower has accumulated more …
For more informaiton please visit here…
FHA looks to tweak some mortgage requirements
To increase revenue streams long term, healing FHA is also abandoning its practice of allowing borrowers to cancel their annual mortgage insurance premium payments when their loan balance drops to 78 percent of the property value. In effect, this will mean …
More informaiton please visit here…
Cover story: Circumstances decide choice of loan
Borrowers who make a down payment of less than 20 percent or have less than 20 percent in home equity must pay private mortgage insurance (PMI) for a conventional loan. All FHA borrowers must pay annual mortgage insurance premiums for at least five …
If you would like more informaiton please visit here…
Mortgage Rates Today: Bank of America, Wells Fargo and BB&T Refinance …
Those seeking for a long-term FHA-insured mortgage loan, will see BB&T Bank's 30-year fixed FHA deal being advertised at a rate of 3.000% plus an APR of 3.420% as of Friday. Please, see lenders' websites for more information on current mortgage loan …
More informaiton please visit here…
Question by Ryan: what mortgage companies in washington state will approve you for a home loan with a recent bankruptcy?
i have a good job, troche ive been rebuilding my credit for 3 months with a car purchase and credit card, order have a good debt/income ratio. filed chapter 7 and debts were discharged 9 months ago. looking for a mortgage company that will approve a home loan with less than 2 years from bankruptcy
Best answer:
Answer by Lisa L
None. You will have to wait a minimum of 2 years from date of discharge per FHA guidelines. But in 2 years that could be different.
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Question by gracie-mae: We would like to rent our primary mortgage and purchase a second home?
We are interested in renting out our current home and purchasing a second home to live in. What kind of financial requirements are there in order to finance the second home? (The first home is not paid off, order the rent would cover the mortgage) I do know that we have to have 20% down, but beyond that what are the requirements?
Best answer:
Answer by Ryan M
Actually for a second home, you will need closer to a 30-40% down payment.
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If the new home will be your primary residence then you do not need 20% down but you will have some other stipulations. For example.
Do you have 25% equity in your current home? If not you will need to be able qualify for the full payment on both properties without the rental income included. In addition you will need 6 months worth of each total mortgage payment in reserves. If your combined mortgage payments are $ 3,000.00 per month then you will need a minimum of $ 18,000.00.