By now, most service members and veterans are aware of these VA-guaranteed home loan benefits.
- No down payment required
- No mortgage insurance (PMI) required
- No prepayment penalty
However, many are forgetting the added benefit of including these two itemized tax deductions they may be eligible for when using a VA loan.
- VA Funding Fee (qualified mortgage insurance)
- Origination Fee (points)
Remember, you can go back three years to amend or correct your tax return if needed.
*Refer to your HUD-1 settlement statement to obtain these fee amounts*
*See IRS Pub 936 for more information*