• Tweet
• Email

• Tweet
• Email

There is some good news for those of you with mortgage insurance. 

As part of the tax bill recently passed by Congress…  mortgage insurance premiums will remain FULLY tax deductible for those with a household income of less than $100,000.  Those with a household income of $100,000-$109,000 may be able to qualify for a PARTIAL deduction.

As part of the Mortgage Forgiveness Debt Relief Act of 2007, Congress allowed homeowner to deduct PMI premiums from their taxes.  This applies to mortgage insurance policies written after Jan 1, 2007.  Although this was originally supposed to be a temporary deduction, it has been extended several times.

Mortgage insurance is generally required by lenders when a borrower has less than a 20 percent down payment on Conventional loans

For ANSWERS TO QUESTIONS… try CLICKING HERE to PMI’s webpage

Steven Brand – NMLS#261849   cell  612.386.5306  iLoan

One Response to “Mortgage Insurance IS tax deductible… still.”