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PMI has become tax deductible. Borrowers with adjusted gross incomes up to $100,000 may deduct 100% of their 2007-2010 premiums.
Thanks for that info, I didn't know. When did that take effect? (I guess I should look it up, eh?)
Darn, I just looked up the details ... maybe they'll extend it and I can take advantage on my 2008 return.
"The tax deduction applies only to mortgages that are closed in 2007. If you have a loan with mortgage insurance in 2006, you won't be able to deduct the premiums in the 2007 tax year unless you refinance in 2007."
"This is a one-year deal, and Congress would have to renew the deduction to make it apply for the 2008 tax year and beyond. Congress probably will extend the deduction, but you can't know for sure."
Thanks for that info, I didn't know. When did that take effect? (I guess I should look it up, eh?)
Darn, I just looked up the details ... maybe they'll extend it and I can take advantage on my 2008 return.
"The tax deduction applies only to mortgages that are closed in 2007. If you have a loan with mortgage insurance in 2006, you won't be able to deduct the premiums in the 2007 tax year unless you refinance in 2007."
"This is a one-year deal, and Congress would have to renew the deduction to make it apply for the 2008 tax year and beyond. Congress probably will extend the deduction, but you can't know for sure."
I spoke to a few MI companies and they stated that they think this will last long term because of the benefits it has. Odds are congress considering our economy being in the toilet will not rip this away from people. It will continue probably past 2010.
100% loans? Are people still crazy enough to get those these days??? Wow!
They actually do make sense, especially for first-time home buyers with good income and good credit. The caveat is that they are not buying more than they can afford.
Say you make a decent salary and have great credit and live just fine (financially) in an apartment, but can't sock away an extra several hundred a month to save up the $10k, $20k or more for that initial down payment. If you can find a starter home where the mortgage is basically equivalent to your rent, then the bank will likely not see you as a huge risk and, as a borrower...its not really all that crazy either: Say you pay $1500 / month in rent...seems to me its better to pay $1500 towards a mortgage every month and put equity into that first house as opposed to giving away $1500 in rent to someone else every month while also having to spend a few years putting that down-payment cash aside.
that all makes sense as long as you have an equity position in your house; however, as the media has been telling us equity has been dropping at dramatic levels!
They actually do make sense, especially for first-time home buyers with good income and good credit. The caveat is that they are not buying more than they can afford.
Say you make a decent salary and have great credit and live just fine (financially) in an apartment, but can't sock away an extra several hundred a month to save up the $10k, $20k or more for that initial down payment. If you can find a starter home where the mortgage is basically equivalent to your rent, then the bank will likely not see you as a huge risk and, as a borrower...its not really all that crazy either: Say you pay $1500 / month in rent...seems to me its better to pay $1500 towards a mortgage every month and put equity into that first house as opposed to giving away $1500 in rent to someone else every month while also having to spend a few years putting that down-payment cash aside.
that all makes sense as long as you have an equity position in your house; however, as the media has been telling us equity has been dropping at dramatic levels!
Flex 100 and FHLMC 100 are doing 100%, but may depend in the zip code.
If you are referring to my post, I am looking for zip code 28202...Uptown.
Thanks
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Are people still crazy enough to get those these days??? Wow!
