PMI Tax Deduction!
NEW LAW MAKES MORTGAGE INSURANCE (PMI) TAX DEDUCTIBLE
Congress has passed a new law, allowing mortgage insurance premiums to be tax deductible in 2007. It is available to families making $100,000 ore less, who itemize their taxes. The deduction is reduced by 10% for each $1,000 by which the tax payer's AGI exceeds $100,000.
This could be a benefit to borrower's who may not qualify without PMI or an 80/20. Or borrower's who do qualify but like the idea of eliminating the PMI portion of their payment, after a minimum of 24 on time payments and the servicing lender appraisal of LTV less than 78%. One monthly payment, no second trust settlement fees.
Bobbi Dickerson, Preferred Mortgage
Congress has passed a new law, allowing mortgage insurance premiums to be tax deductible in 2007. It is available to families making $100,000 ore less, who itemize their taxes. The deduction is reduced by 10% for each $1,000 by which the tax payer's AGI exceeds $100,000.
This could be a benefit to borrower's who may not qualify without PMI or an 80/20. Or borrower's who do qualify but like the idea of eliminating the PMI portion of their payment, after a minimum of 24 on time payments and the servicing lender appraisal of LTV less than 78%. One monthly payment, no second trust settlement fees.
Bobbi Dickerson, Preferred Mortgage
posted by Jill Stoltzfoos at
12:36 PM
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