PMI Deduction Buried In The Closing Acts Of Congress

RE:PMI Deduction Buried In The Closing Acts Of Congress

Julie — Sat, 17 May 2008 11:00:00 GMT

Is the PMI still tax deductible for 2008 and beyond? and where do i list it on my schedule a for taxes? thanks

RE:PMI Deduction Buried In The Closing Acts Of Congress

Sonia — Wed, 19 Mar 2008 11:00:00 GMT

Everywhere I read the PMI tax deduction has been extended through 2010 as part of the mortgage debt relief act of 2007.

RE:PMI Deduction Buried In The Closing Acts Of Congress

C. — Mon, 29 Oct 2007 11:00:00 GMT

If you were offered these two options for a 100% financed mortgage, which would you take? One mortgage with no PMI at a rate of 7.5% monthly payment $1425 vs. One mortgage with PMI at a rate of 6.375% monthly payment $1436.45

RE:PMI Deduction Buried In The Closing Acts Of Congress

Sandra — Fri, 14 Sep 2007 11:00:00 GMT

tcook- The reason 2nd mortgage rates have gotten so high is bc investors are not buying them on the secondary market because homeowners are not paying on them. Because it is in 2nd lien position there is little they can do to get their money since the 1st lien gets paid off first. Guidelines to get 100% CLTV have also gotten really tight. With the rates on 2nds being as high as they are you may want 1 loan with pmi just to save money. Both options should be presented to the client either way

RE:PMI Deduction Buried In The Closing Acts Of Congress

tcook — Sat, 08 Sep 2007 11:00:00 GMT

Why is it that mortgage brokers are now saying that the piggy back loan(20% loan) is carrying a crazy interest rate of 16% or more so you HAVE to take the PMI on one loan and tax deduct the insurance. Otherwise you will loose big time. This information came from a reputable Las Vegas mortgage broker.

RE:PMI Deduction Buried In The Closing Acts Of Congress

Dusty — Thu, 29 Mar 2007 11:00:00 GMT

It should be noted that congress needs to renew this bill. So far this deduction is not for the life of the loan, just for loans written in 2007 and for 2007 only.

RE:PMI Deduction Buried In The Closing Acts Of Congress

Ron Borg — Thu, 11 Jan 2007 13:00:00 GMT

Obviously, the PMI companies have a strong lobbyist. By obtaining tax deductibilty for their premiums they effectively lowered the cost of their insurance to the home purchaser by 25% to 30% without touching their own bottom line. Nice move, PMI, GE, MGIC and the rest!

The important thing to remember is that the final cost of PMI still adds .25% to as much as 1% to the entire 1st mortgage. A knowledgeable mortgage broker can help you calculate which is better - PMI or piggyback 2nd mtge.

RE:PMI Deduction Buried In The Closing Acts Of Congress

scoot — Sun, 07 Jan 2007 13:00:00 GMT

It took me hours to find something on this subject. I'm a taxpreparer & searched the IRS website for info on how & where to report the deduction but couldn't find anything except where to report PMI for rental property. Thanks I'll be sure to keep u in my favorites!

RE:PMI Deduction Buried In The Closing Acts Of Congress

mdc — Thu, 14 Dec 2006 13:00:00 GMT

Why has there been no reporting on this from major new orgs? This is really important to the housing industry.