Effective for the 2007 tax year, a new tax deduction could make homes more affordable by allowing many Americans to write off premiums for private and government mortgage insurance. Borrowers closing purchase loans in 2007, who have annual incomes of $100,000 or less, could be able to get a low down payment mortgage and deduct the full cost of their mortgage insurance premiums on their federal tax return*.
MI Tax Deduction is applicable to a variety of programs, including:
· Fannie Mae Loans
· Freddie Mac Loans
· FHA Loans
New Tax Deduction Makes Housing More Affordable
Contact MICA (The Mortgage Insurance Companies of America) http://www.micanews.com/
for more information.
*Consult your tax advisor for limitations.