Is Mortgage Insurance Really Tax Deductible?

Here in Colorado Springs, Monument, and nation wide mortgage insurance has become a tax deduction following certain conditions. Mortgage insurance has been around since the late 1800's, but only now has it been passed by both the House of Representatives and the U.S. Senate as a tax deduction. This will provide more options to potential buyers and will even help bring more buyers to the market.

Only buyers who close loans during and after 2007 and make less than $100,000 per year will be eligible to deduct all the mortgage insurance paid for the year. I have heard that the average tax savings will be around $300-$350. Check with your local lender and accountant to see how this could effect you.

Ask your lender if this type of loan would work best for you. An experienced lender will be able to find the best loan for your situation. This change is just one of many that can benefit your home buying ambitions.