Property Q&A in The Villages>Question Details

Joan And Len…, Home Buyer in The Villages, FL

How are Homstead and Va credits applied? Will be in the area soon to make a purchase.?

Asked by Joan And Len Mathews, The Villages, FL Thu Jun 11, 2009

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Seek out a direct lender specializing in VA loans. They will guide you through the VA prequalification process. I usually prequalify my borrowers within 24 hour of receipt of minimal infornmation and requested documents. Documents vary depending if you are active military or out of the service. It doesn't require a lot of work on your end and costs you nothing.

Todd Scott
Senior VA Loan Specialist
iFreedom Direct
0 votes Thank Flag Link Fri Jun 12, 2009
Hello Joan and Len,

I hope you are having a great Friday!
The homestead exemption applies to your property taxes. You will file
with the local tax office to let them know this will be your primary residence.
The exemption amount comes off the taxable value of your home, and you pay taxes on the rest.
So, if the taxable value of your home is $100,000 and the homestead exemption is $25,000, you pay property taxes on $75,000.

There are other exemptions depending county and on if you are over 65 (income guidelines), disabled vet over 10% (with letter from the VA), and there are a few more.

If you are financing your new home, I would speak to a mortgage advisor on VA credits.

I hope I have answered your questions.

Kind Reagrds,

Jackie Fortier
Cinderella Realty
0 votes Thank Flag Link Fri Jun 12, 2009
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