Mortgage Insurance is Tax Deductible thru 2011

By
Mortgage and Lending with www.DaveYourMortgageGuy.com - Legend Lending NMLS #293883
https://activerain.com/droplet/7lT

President Obama has signed a bill that has extended the tax deduction of Mortgage Insurance thru 2011.  Here are the rules to remember in regards to this tax deduction:

  1. your purchase or refinance loan must close before Dec 31st, 2011
  2. household income must be $100,000 or less to get the full write off of the insurance premium. 
  3. the amount of the write off is reduced by 10% for every $1000 over $100k.  With it phasing out at $109,000.  meaning if you make over $109k as a household you can not write off mortgage insurance
  4. it applies to your primary home and one other residence that the tax payer uses. 
  5. all forms of mortgage insurance qualify for this.  So if you have a fha or conventional loan, they qualify.  If you have paid upfront mortgage insurance with a VA,FHA or USDA loan you can also use this as a tax deduction.  The amount is just divided over a 7year period. 

This is great news!!  I am not a CPA, so please contact your tax preparer with any specific questions.  Mortgage Insurance is just one thing to take into account when choosing a loan.   Call me today to make sure you are getting the best mortgage possible.

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David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business

 

Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017

Named Top Mortgage Professional 2010,2011

Office:832-689-6012

Dave@DaveYourMortgageGuy.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

 

If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  

 

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Groups:
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Tags:
tax
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usda
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Rainmaker
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Angela Clark
Tony Clark REALTORS - Owensboro, KY
CRS, Realtor, Broker

Dave, thanks for spreading the word. What a great opportunity for home owners who have MIP/PMI to get some savings!  

Jan 04, 2011 04:03 AM #1
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