The home mortgage insurance tax deduction has been extended through the year 2010. Mortgage insurance was created to allow buyers with low down payments the ability to increase their buying power and open their options to additional home buying opportunities in the marketplace.
Households with adjusted gross incomes of $100,000 or less can deduct 100% of their mortgage insurance premiums through 2010.
The deduction applies to IRS defined "qualified residences" that generally include primary residences and non rental second homes. Pure investment properties do not qualify under the IRS code.
I am not a tax accountant so please check with your accountant about possible tax implications with respect to this deduction.
Visit http://www.mgic.com/education/mioptions_tax.html for additional details.