Starting this year, Veterans, service members and their surviving spouses can deduct VA funding fees on their taxes when purchasing a home using the VA-guaranteed home loan.
The VA funding fee is a one-time payment that the Veteran, service member or survivor pays on a VA-backed or VA direct home loan. Generally, the VA home loan program doesn’t require the Veteran to make a down payment, and the program never requires monthly mortgage insurance. VA also grants exemptions of the funding fee to those who receive VA compensation for their service-connected disabilities, Purple Heart recipients still serving on active duty and others.
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