Top 7 Tax Write-Offs

Home ownership provides many home tax deductions, tax credits and other breaks that aren’t available to renters. Check out our top 7 list of tax breaks.

Mortgage Solutions of Georgia can help you with any home financing, however, If you wish to learn more, please contact a tax professional.

1. Who is doing your taxes?
Whether you do your own taxes with a tax calculator or have a professional prepare them, you can write off fees on your miscellaneous tax deductions list. Costs can include tax return preparation and electronic filing fees. In order to qualify, however, the preparation fees must exceed 2 percent of your AGI (Annual Gross Income).

2. Home Mortgage Interest Deduction
One of the biggest home tax breaks is the mortgage interest deduction. As a homeowner, it covers interest paid on loans of up to $1 million, or $500,000 if you’re married but filing a separate return.

3. Did you buy a new home and pay mortgage points?
If you itemize, you can deduct the points — or prepaid interest — you paid to purchase or build your primary home. Typically, if you can deduct all the interest you paid on your mortgage, you can also deduct all of the points.

4. Property Tax Deduction
Property taxes are one of the many big tax breaks for first-time homebuyers. You can claim all taxes paid from the date of sale onward. Taxpayers who itemize deductions on Schedule A are also eligible to deduct real estate taxes paid on a primary residence, said Laurie Samay, a New York-based certified financial planner with Palisades Hudson Financial Group.

5. Do you work from home?
You can deduct certain expenses for using a part of your home for business. To qualify for this deduction, you must use part of your home for one of the following:
• Primary location for trade or business
• Main location for meeting with patients or clients
• Storage facility for inventory or product samples for your business or trade
• Rental use
• Day care facility

6. Moving Expenses
If you meet the IRS distance and time tests after you relocate for a new job, you can take a moving-expense deduction. Military personnel who were required to move as part of their service obligations do not have to satisfy any distance or time qualifications.

7. Not home related, but applause to those that Volunteer…
You can deduct certain expenses for charity work, like the cost of gas and oil if you use your car to get to and from the place you volunteer. If you don’t want to calculate the value per mile, ask your tax professional what the standard per rate mile is. You can also deduct the cost of purchasing and maintaining uniforms you wear to a place you volunteer or parking in a garage if that’s required.

Fast USDA Turn Time!


**Call us today and ask about the changes to credit requirements for USDA loans!

What are the Basic Requirements for obtaining a USDA loan?

A USDA mortgage loan is one of the very best loan products currently on the mortgage market. A USDA loan will offer a qualified home buyer 100% financing with no down payment, low financing rates, and low monthly mortgage insurance. Requirements for a USDA loan are fairly straight forward. In a perfect world USDA wants to see a middle credit score of 640, however will go down to scores as low as 600 so long as you can verify and document a clean 12 months rental history. Generally speaking an applicant should have no late payments or collections in the most recent 12 months. Your debt ratio which looks at how much money you make compared to how much money you spend needs to be in line with USDA requirements, however there is some flexibility in these ratios with higher fico scores. USDA also has income limits, meaning that you can actually earn too much money to qualify for the loan program. This income limit works on a sliding scale in accordance to how many people live in household. USDA loans are intended for applicants who want to purchase is a Rural and have low to moderate income levels.

If you would like more information concerning USDA loans or would like to apply for one, please contact our office or complete an application online.

The Go To Guys 770.924.1111




Attention Agents!!!!

You read that right….6 DAY TURN AROUND TIME ON ALL USDA LOANS!!! That means we can get your USDA loans closed FAST!

Call us today! 770.924.1111

Is USDA right for you?


Looking to buy a home in Georgia but don’t have a down payment, you may want to look into a USDA loan. A USDA loan, also known as a Rural Development Loan, is a government insured home loan that allows qualified home buyers to purchase a home with NO Money Down. USDA Home Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan. USDA offers some the lowest rates of any loan product, and you will always have a fixed interest rate.

Am I Eligible for a USDA Loan?

There are 3 main factors that need to be determined…

Credit Worthiness:
When an underwriter reviews your credit history, the major thing they will be looking for is a history of paying your bills in a timely
fashion. If you have had blemishes in the past they may be overlooked as long as you have reestablished your credit over the past 12 months.
Generally, any open judgments or collections will need to be paid off before you close on your new home but every situation is different so on occasion there can be some flexibility when it comes to smaller collections and medical collections.

USDA Loan Income Restrictions:
USDA loans are full doc loans, meaning that you will be required to fully document your income. USDA will generally want to see a two year history of employment or consistent income. Exceptions on the two year requirement can be made for applicants such as students. On a USDA Loan Assets are not required for approval, but can certainly help overcome any possible blemishes on credit.

Where You Want Live:
In order to qualify for a USDA Loan your home must be located in a designated USDA rural area. It might surprise you just how many areas of the Georgia do qualify for these 100% financing home loans. In fact most the majority of Counties in Georgia are either 100% eligible for USDA loans, or have areas within them that are eligible. To learn more about USDA Home Loans and how to take advantage of this great program, call the USDA Loan Experts at Mortgage Solutions of Georgia for a free credit consultation. 770.924.1111

Q & A with The Go To Guys…..When can you purchase a home after Bankruptcy?


Dear Go To Guys,
When Can I Repurchase Again After Bankruptcy?

This is a question we often get asked. It all depends on which type of financing you are looking to get.

Conventional: For a chapter 7 Bankruptcy it is 4 years and 2 years for a chapter 13 bankruptcy, before a buyer can repurchase again using Conventional financing.

FHA: For a chapter 7 Bankruptcy it is 2 years and 1 year for a chapter 13, before a buyer can repurchase again using FHA financing. Or, see above for how a buyer can qualify again after just 1 year if they experienced an economic event.

VA: For a chapter 7 Bankruptcy it is 2 years, and 1 year for a chapter 13 bankruptcy, before a buyer can repurchase again using VA financing.


If you have additional questions about purchasing a home after Bankruptcy, call The Go To Guys at 770.924.1111.

Also, for more information, see our blog:…/how-to-buy-a-home-…/

10 Essential Tips for Homebuyers


1.Get a Home Inspection
Get a home inspection to evaluate the safety and overall condition of your new home, even if it appears flawless.

2.Get Pre-approved for a Loan
Before you start house hunting, get pre-approved for a mortgage loan.

3.Communicate Through Your Agent
When you want to ask or tell the seller something, always go through your real estate agent.

4.Put the Deal Into Writing
Get the seller to put every component of the deal and any verbal agreement into writing.

5.Include Contingencies With Offer
Include important contingencies, such as financing and property inspections, with your offer.

6.Develop a Wish List
Come up with a realistic wish list. Find out what you can afford in terms of house size, neighborhood and amenities.

7.Know Your Local Market
Know as much about the local market as you can. Use your agent’s CMA to learn about the selling price of comparable homes and the strength of the local real estate market.

Decide what’s most important to you before the negotiation, so you know what parts of your offer you’re most comfortable giving up.

9.Keep Other Houses in Mind
When you begin negotiating on a specific property, know of other houses you’d be interested in buying. You don’t want to be so desperate to buy a certain house that you give in to whatever the seller wants.

10. Scope out Neighborhoods, Neighbors
Talk to neighbors to get the inside scoop on what it’s like to live in the neighborhoods of homes you are interested in. While doing so, gauge if you would like to live next to these people for the foreseeable future.



Mortgage Solutions of Georgia now has a new office! We are still located in downtown Acworth but our new address is:

4480 Park Street
Acworth, Ga 30101

(located across from Jones Tire)

Everything thing else has stayed the same! 🙂

Just got engaged?


Did you know that FHA allows couples to set up a “Bridal Registry Account” if they are planning on getting married soon and want to accumulate funds for their down payment to buy a home? This is a great way for “married-to-be” couples to come up with their down payment to buy a home.

Just like registering at Target or Pottery Barn, the FHA Bridal Registry program allows you to register a down payment account. Then, your friends and family are able to make gift payments into an interest bearing account on your behalf.

Not only can your gifts earn interest, but they can be used as a down payment towards an FHA Loan.

Here’s how it works:
-Open a savings account at your bank prior to the wedding.
-Give Friends and Family the banking information where the gifts will be deposited.
-The gift funds can go towards the FHA required 3.5% down payment.
-There is no requirement that you be married prior to closing on your new home.

One last advantage is that there are NO gift letters or other documentation required other than proof of your savings account named “bridal registry account.” It’s that simple.

Call us today so we can get you preapproved for your FHA loan 770.924.1111.

Buying a home AFTER Bankruptcy….


Declaring Chapter 7 or Chapter 13 bankruptcy is often devastating and can turn your home buying plans upside down. Most home loan applicants think that if they have had a Bankruptcy in the past that they can never buy a home in the future and this is simply not the case. In fact, more people have prior Bankruptcies than what you might think. Filing for a Bankruptcy may be a low point in your life, but with proper preparation, patience and financial planning, you might be able to purchase a home sooner than expected. If you have had a Bankruptcy and want to purchase a home, here are the steps you need to take to get yourself in a position to purchase.

Discharge and Organize:
First things first: The bankruptcy must be discharged. If you are still in the process, it will be difficult to get a mortgage lender will speak to you.

Once your bankruptcy is discharged, organize and scrutinize your credit report. If there are debts that have been paid back but still appear on your report, contact the credit agency and have them corrected. While you’re at it, check for other mistakes on your credit report. You are entitled to one free credit report from each of the big three credit rating agencies each year—Equifax, Experian and TransUnion. If there is an error, dispute it online via the particular credit agency’s website.

Use Secured Credit Cards:
The fastest way to start rebuilding your credit score after a bankruptcy is to prove to creditors and other lenders that you can be trusted to pay back the money you owe them. You can do this by opening the right kinds of credit and managing it well.

A great place to start rebuilding your credit is by obtaining a secured credit card. A secured credit card gives you credit limited to the amount you have on deposit with the issuing bank. So, if you have $20 to $500 to place in an account with the issuing bank, then the bank will limit your credit each month to the amount of that deposit.

More Tips to Remember While Building Credit…..
Use only a small portion of your credit.
Don’t max out your credit cards and don’t apply for too much credit at one time.
Move slowly and build up your credit with on-time or even early payments.
At the end of every month, pay enough on your credit card to drop the balance down to $10.

-Pay all your bills on time and save money.
-Stay at the same job for a good length of time.
-Remove any outstanding tax liens.

Wait at Least Two Years:
Here’s where you will need patience: You should wait at least 24 months after your bankruptcy is discharged to apply for a mortgage. You may be able to get a mortgage sooner but the terms, like interest rates, won’t be as attractive as they would be if you waited two years. Since you might be paying that mortgage interest for up to 30 years, you will save money if you wait long enough after the discharge to get a good interest rate.

Finally Applying For a Mortgage:
After the two-year period, make sure you are fully prepared to apply for a loan. Your lender will want you to meet certain criteria before agreeing to lend you money: A good debt-to-income ratio, stability and time on the job. Money in the bank and no bounced checks help tremendously, of course. Any retirement plans or 401(k) assets makes your credit look good as well.

If you are seeking a home loan in the State of Georgia and would like to talk to a Loan officer about your particular situation, please call us at 770-924-1111