Congress Passes Legislation for Tax Deductibility of Private Mortgage Insurance (PMI)

Enacted January 1, 2007, this bill makes Private Mortgage Insurance a tax deductible item for new borrowers whose adjusted gross annual income (personal) is at or below $100,000. The benefit for millions of new homeowners is a potential savings of hundreds of dollars in reduced tax liability (thereby reducing the cost of financing) or an opportunity to afford a slightly more expensive home. Consumers can now breathe a little easier in their dislike of this much maligned mortgage related expense. PMI was originally conceived to encourage lenders to make more difficult loans by insuring against borrower default. It is required for mortgages which have Loan-to-Values (the loan amount divided by the lower of the property's appraised value or purchase price) greater than 80%.

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