Homeowners that have a VA home loan or other home mortgage product may be eligible for allowed deductions per IRS Publication 530. While homeownership affords tax advantages that allow the homeowner to keep more of their hard earned money, homeowners that are members of the Armed Forces may also qualify for tax credit extensions if they meet the criteria. For some common homeownership tax deductions as well as the buyer homeownership tax credits for eligible members, see this Military.com article.