Homestead Exemption - Some states grant property tax exemptions for owner occupied properties. Requirements to the tax exemptions require you to file paperwork with the county you reside in that is a formal declaration that you are occupying the property.It is very important for first time homeowners to do this since you will recieve a discount on your property taxes, thus a lower monthly payment.
The urban residential homestead consists of a lot or lots of 10 acres or less that is located within a city or town. There is no limit on the value of the land and its improvements entitled to homestead protection. Rather, what is defined as homestead is based solely on the size or acreage of the land involved.
The savings over time will add up to be a significant amount of money.
There are different types of 100% loans. You can
either get 1 loan for 100% or an "80/20" loan. Speak to your mortgage
professional to see which program is best for you!
