New advantages for the 2007 tax year make mortgage insurance an attractive alternative to second loans.
Brand new legislation, approved by Congress in December 2006, now allows for 100% deductible mortgage insurance (MI), to those who qualify.
This increases the buying power for thousands of consumers who are unable to come up with the traditional 20% down payment:
| • | Effective for the 2007 tax year on loans closed on or after January 1, 2007 |
| • | Applicable to households with adjusted gross income <$100,000 |
| • | Simplified mortgage process - only one loan needed! |
Now, just like second loans, mortgage insurance is tax deductible. But, unlike second loans, there's no potential payment increase with MI.
The new legislation is expected to save nearly one million Americans a total of $91 million when they file their tax returns in 2008. Make sure your clients are among those lucky homeowners!
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