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New Law Makes PMI Tax Deductible

On January 1st, 2007, a new law went into effect making Private Mortgage Insurance (PMI) tax−deductible for new borrowers whose personal adjusted gross income is $100,000 or less. Designed to protect the lender from default and foreclosure, PMI was viewed as a double−edged sword by consumers for many years. On the one hand, PMI was a requirement for loans exceeding 80% of a home's value or sales price. On the other hand, many consumers could not afford or even qualify to purchase a home without PMI. The new law makes PMI more beneficial, creating an opportunity to finance a more expensive home or to potentially obtain lower payments for the same−priced home, while reducing income taxes.

And, while those who financed their home prior to 2007 cannot take the deduction, more options are available under the new law when it comes to buying or upgrading to a new home with a minimal down payment, or refinancing and pulling cash out for other investments. Either way, talk to your Mortgage Professional to learn more about this incredible gift from Congress.