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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 more affordable by allowing many American homebuyers to write-off premiums for private and government mortgage insurance. Congress has just passed a new tax deduction that allows qualified homebuyers to deduct mortgage insurance premiums from their federal taxes. This deduction is designed to help low- and moderate-income families, who must have a household income of $100,000 or less in order to qualify for the full tax deduction. Families with incomes of more than $100,000 and up to $110,000 will be eligible for a reduced deduction. The new tax deduction will be for qualified loans with mortgage insurance that close in 2007. Homeownership tends to stabilize communities and give people more of a stake in the local and national economy. This new tax deduction encourages that trend, and helps people who want a piece of the American dream get there a little faster. As Congress looks for ways to help the housing market, private mortgage insurance deductibility should help a wide range of home buyers with incomes of $100,000 or less, including minority groups for whom homeownership rates are lagging. Many first time buyers cannot afford to put 20% down, and a loan with 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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Wednesday, August 8, 2007
One Step Closer To The American Dream
Thursday, June 7, 2007
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 more affordable by allowing many American homebuyers to write-off premiums for private and government mortgage insurance. Congress has just passed a new tax deduction that allows qualified homebuyers to deduct mortgage insurance premiums from their federal taxes. This deduction is designed to help low- and moderate-income families, who must have a household income of $100,000 or less in order to qualify for the full tax deduction. Families with incomes of more than $100,000 and up to $110,000 will be eligible for a reduced deduction. The new tax deduction will be for qualified loans with mortgage insurance that close in 2007. Homeownership tends to stabilize communities and give people more of a stake in the local and national economy. This new tax deduction encourages that trend, and helps people who want a piece of the American dream get there a little faster. As Congress looks for ways to help the housing market, private mortgage insurance deductibility should help a wide range of home buyers with incomes of $100,000 or less, including minority groups for whom homeownership rates are lagging. Many first time buyers cannot afford to put 20% down, and a loan with 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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Tuesday, March 13, 2007
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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