Saving The Down Payment For Your Vermont Home
Foreclosures are on the rise. Lenders are tightening their belts and their lending practices. No money down loan programs are becoming harder to find, which means Vermont home buyers need to have money available for a down payment. Here are some tips on how to come up with the down payment.
1. Ask for help.
Ask relatives if they would be willing to contribute to your down payment or give you a no interest loan with no repayment time frame.
2. Borrow from your life insurance.
If your life insurance has built up value, you can borrow against it. this does not count as a debt because you are borrowing from yourself.
3. Borrow from your IRA.
First-time home buyers can take $10,000 for an IRA to put toward a home purchase, penalty free.
4. Increase your income.
Get a second job and stash or do free lance work.
5. Change your withholding taxes.
This will give you more take-home pay, which you can start saving!
6. Consider government backed loans.
VA and FHA loans require lower down payments and there are many state loan programs available.
For more information on how to save your down payment and the Vermont home buying process, visit my website or give me a call at 800-659-1819 #103 for more personal service.
Important Tax Information for Vermont Home Owners
Important Tax Information for Vermont Home Owners
(In Vermont the deadline is April 18 this year)
The April 18 tax deadline is only a few days away and hopefully you are well on your way to completing your tax return and you won’t be one of those people in line at the post office late at night on April 17!
The April 18 tax deadline is only a few days away and hopefully you are well on your way to completing your tax return and you won’t be one of those people in line at the post office late at night on April 17!
If you purchased a home in 2005, you will need the HUD-1 Statement from the closing on your new home, when calculating your taxes. This is the document itemizing the monies at closing. Your accountant or tax advisor will be able to tell you which of your closing costs are tax deductible.
The mortgage interest that is reflected on the HUD-1 is not calculated in the interest reflected on your year end statement that you will receive from your mortgage company. So, be sure to add the interest in the HUD-1 to other interest paid for the year.
If I can help with any other questions concerning the purchase of your home last year or if you are considering buying a home this year, give me a call, 802-226-8022. I’m glad to help. Or visit my website, www.ISellVermontRealEstate.com. You will find a wealth of information there.