One Step Closer To The American Dream

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CONGRESS APPROVES LAW TO GIVE MANY HOMEBUYERS TAX DEDUCTION ON PREMIUMS FOR MORTGAGE INSURANCE
A new tax deduction will soon make buying homes moreaffordable by allowing many American homebuyers to write-off premiums for private and government mortgage insurance.Congress has just passed a new tax deduction that allowsqualified homebuyers to deduct mortgage insurance premiumsfrom their federal taxes. This deduction is designed to helplow- and moderate-income families, who must have a householdincome of $100,000 or less in order to qualify for the fulltax deduction. Families with incomes of more than $100,000 andup to $110,000 will be eligible for a reduced deduction. Thenew tax deduction will be for qualified loans with mortgage insurance that close in 2007.Homeownership tends to stabilize communities and give peoplemore of a stake in the local and national economy. This newtax deduction encourages that trend, and helps people who wanta piece of the American dream get there a little faster. AsCongress looks for ways to help the housing market, privatemortgage insurance deductibility should help a wide range ofhome buyers with incomes of $100,000 or less, includingminority groups for whom homeownership rates are lagging. Manyfirst time buyers cannot afford to put 20% down, and a loanwith private mortgage insurance enables them to own a house for the first time.For more information, please visit: www.privatemi.com

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