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 New Law Makes Mortgage Insurance Premiums Tax-Deductible
By: Darin "Sid" Cameron, CRS
Fri, Aug 3rd, 2007 1:36 pm

This news comes from Bill Nass over at Gershman Mortgage...

Private mortgage insurance has always been a great alternative for buyers who can't meet the traditional down payment requirements of conventional financing but still want to purchase a home.  Well now it's gotten even better as it's also tax-deductible.

"If you or your family earn $100,000 or less, and purchase a home during 2007 with private mortgage insurance, it's estimated that you may save $200 to $400 annually because of the new law.* Consult your own tax advisor concerning the applicability of the new deduction in your particular circumstances under the Internal Revenue Code and the laws of any other taxing jurisdiction.

Families earning up to $109,000 can take advantage of a partial deduction."

Source of the Quote: Mortgage Insurance Companies of America

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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