Thinking about purchasing or refinancing a home? There may be good news for you if you have a mortgage that requires PMI!
Your PMI payment may be tax deductible (if the contract was issued after 2006)! This may give you better financial opportunities to help you purchase your next home!
Here are some of the guidelines with this new law:
• The tax deduction applies only to mortgages that are closed in 2007 and after.
• Income limits apply. You are eligible for the full deduction if your adjusted gross income is $109,000 or less. The amount you can deduct phases out rapidly after that and no mortgage insurance deduction is available if you make more.
It is recommended to speak to a mortgage professional and your accountant in order to explore all of your options available.
About the Author: Mark Randolph is a Mortgage Consultant specializing in residential mortgage financing. In addition to being an award winning Loan Officer, Mark is an Instructor for the New Castle County Board of REALTORS and is a regular speaker with the various housing counseling agencies in Delaware. He volunteer’s his time and skills as well as the main speaker for housing fairs in cooperation with Senator Carper’s Office, Fannie Mae and the Housing Counselors of Delaware.
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