5 Tax Benefits of Owning A Home
Did you know that homeowners are eligible for tax breaks? Here are 5 tax deductions that you may qualify for as a homeowner. Talk to your tax preparer to see which applies to your situation.
Mortgage points deduction. Usually, mortgage points are paid to a lender at closing for lower interest rates. Since mortgage interest is deductible, the points you pay are also.
Mortgage insurance deduction. Private mortgage insurance (PMI) payments can be claimed as an itemized tax deduction, though certain income restrictions may apply.
Mortgage interest deduction. Several home loan types qualify for the mortgage interest tax deduction, such as loans for purchasing, building, or improving your home. Additionally, home equity loans, home equity lines of credit, and second mortgages may also be eligible. Talk to your tax professional for more details.
Home office deduction. If a portion of your home is used exclusively for business, you may qualify for a tax deduction.
Real estate tax deduction. You may qualify for a $5k deduction as a single filer or $10k as a joint filer if you pay property taxes.
✅ Benefits of Contract Loan Processing for VA Loans
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Specialized VA Knowledge
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VA loans have unique requirements (COE, residual income, funding fee calculations, appraisal requirements).
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A contract processor experienced in VA loans can spot potential issues early and streamline the process.
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Cost Savings for Lenders
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No need to hire full-time staff; processors are paid per file.
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Helps smaller brokerages or lenders manage fluctuating loan volumes without carrying extra payroll.
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Faster Turn Times
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Contract processors often work remotely and are paid per closed file, so they’re incentivized to move loans quickly.
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They can push COE requests, follow up on VA appraisals, and ensure VA-specific forms (26-1880, 26-8923) are completed on time.
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Compliance & Accuracy
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VA has strict guidelines (e.g., allowable fees, seller concessions, and veteran protections).
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A skilled processor reduces risk of compliance errors that could lead to loan buybacks or funding delays.
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Scalability
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During high volume seasons (e.g., rate drops, PCS military moves), lenders can bring on extra processors quickly without long-term HR commitments.
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Reduced Loan Officer Burden
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Lets LOs focus on originating, networking, and serving clients while the processor handles gathering DD-214s, income docs, pest inspection reports (if required), and underwriting conditions.
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Improved Borrower Experience
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Veterans and active-duty borrowers often value clear communication and speed.
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A processor who knows the VA process can anticipate documentation needs and prevent last-minute surprises.
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👉 In short: Contract processors help lenders stay lean, compliant, and efficient, while ensuring veterans have a smoother experience.
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