September 15, 2009

Facts about VA loan

VA stands for veterans affairs. The VA loan is a mortgage loan guaranteed by the US department of VA . It is a govt. run military system for veterans' benefits. The main objective of this is to give long-term financing favors to the eligible US veterans. It was established in 1944 to help those veterans who return from war. It was conceptualized and planned to assist the veterans to purchase any home easily. It is in a gratitude for their service towards the nation.

The loan is as alike as with other mortgage loan. However, in this case, the borrowers need not to make the down payment or any closing costs. It comes with lower interest rates as well. Almost 90% of loan applicants do not need to provide a down payment and most of them close in less than 45 days or so. You can also take loans if you are building your own home. It actually does not supply the loan itself, instead it insures the loans given by lenders. To get a VA loan, you need to be eligible for it. The eligibility criteria includes duty veterans discharged from duty during the World War II; personnel with active duty of at least six months of active service; members of National Guard and Selected Reserve. If you are qualified for this loan, you need to first submit a Certificate of Eligibility. You may consult a mortgage broker or a VA loan specialist for a better know-how. There is practically no limit to which a borrower can ask for the loan amount. It is generally determined by the bank, which lends the loan. To know such companies, which provide VA loans, you can have a wide search on internet. You can then verify all the pros and cons of those companies and then go for it. You may also visit the local office of such mortgage companies located in almost all the states. Compare the benefits, terms, and conditions of all the lenders and settle with someone finally. So, enjoy being a veteran and live your life happily with your family.
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September 11, 2009

Something about Tax in the US

Tax is a financial fee charged by a government to meet some meant for the advancement of the country. Every nation has different structure of taxation. The states levy taxes on all sorts of earnings, be it income tax or sales tax or corporate tax. Each individual and institution is legally bound to pay taxes to the nation. It leads to a criminal offense, if the taxes remain unpaid. Certain countries have limits under which you are not liable to pay tax. If your income does not exceed the slated limit, you will get exemption from paying income taxes. However, you remain liable to pay other types of taxes, such as sales tax, custom duty, certain tolls etc. In the USA, the Internal Revenue Service (IRS) collates federal income tax. IRS is a branch of the US treasury. Federal income tax has to be paid irrespective of the place you live in the USA.

However, there are also some states in the US, which levy state taxes additionally. Barring states like Texas, Washington, South Dakota, Nevada, Alaska, and Wyoming, no states charge any state tax. However, they do collect taxes from some other ways; e.g., the taxes for property, sales etc. will be higher. A tax year is counted from the 1st of January to the 31st of December. A US citizen has to file his/her income tax return by April 15. Exceptions to the deadlines may slightly vary from state to state. But overall, it remains the same. Below is a video, which explains why we should be more proactive to pay.

In fine, if you are unable to pay taxes under any circumstances, then there is always a way out. File for an extension from the IRS. If you do not or if you become late, the IRS will charge penalty fees to your unpaid tax. The amount is 5% from the total taxable amount. Pending tax is also an offense. So, make sure you pay your tax on time and avoid any penalties.
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September 3, 2009

How to get a house after foreclosure?

foreclosureHave you ever wished to get a house after your previous home was foreclosed? Did you think that it might be possible or not? Did you think how long would the procedure or would it at all be approved? Maybe, your answers to those questions are positive. Everyone wishes for a home. But under some circumstances, we are sometimes compelled to lose it. Nevertheless, we do not lose the right to own a new house. But to procure that house, we may go through some hardship or possibly a long process. Some people are not aware of the fact that they may get it without much of fuss; they also remain hesitant to apply for a mortgage. They assume that their application for the loan request will be denied due to their credit history. But, if you hang around, you may see that there are many mortgage lenders, who are offering mortgage with a poor or damaged credit. Mortgage after foreclosure may be difficult but it is not impossible at all.

avoid foreclosureAfter foreclosure, the first thing you need to do is to improve your credit score. Unless you do it at the earliest, your chances to get a loan may lower. Hence, pay your monthly bills on time and strike a deal with your credit issuers for lower interest rates on your credit cards. Keep re-establishing your credit score without any fail. After all, a lender wants to see a consistent and regular credit record. After you feel you are on track, then go for a home loan. Remember, if you apply for a mortgage loan without satisfactory credit score, the interest rate for the loan will be very high and then you will have no other go. Look for a good and reliable mortgage lender. Verify the prices and compare the terms and conditions of those lenders. Do keep in mind that these mortgage lenders are more willing to offer loans, even with bad credit score. But what they consider is the consistent payment and credit history of the borrowers. You may also contact a mortgage broker. They will help you get the best loan package. They will also search good lenders for you and help you get the loan approved. You just need to be sincere and patient with your deal. Check out for the pros and cons of the deal and always double check before you sign any papers. All the best for your new home!
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