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New homeowners tax break approved for 2007Article 5146 - December 21, 2006
Before leaving for the holidays, Congress approved a new tax break for middle-income taxpayers who are buying a home in 2007! This new bill will allow home purchasers to deduct mortgage insurance premiums on their tax returns. If a new homeowner applies less than 20 percent down on a home loan will have to pay mortgage insurance. This insurance is designed
It is estimated that twenty percent of homebuyers have mortgage insurance. The full deduction is limited to homeowers with adjusted gross income of $100,000 or less. Unfortunetly, you're out of luck if you're already paying insurance premiums on an existing mortgage. This deduction is only available for home loans issued after December 31, 2006. Lobbyists for the deduction feel this will lead homebuyers away from piggy-back mortgages, which has become a popular strategy for avoiding mortgage insurance. The typical piggyback loan is when a borrower gets a first mortgage for eighty percent of the value and a second mortgage for ten percent and then pays the remaining ten percent. This prevents the homebuyer from borrowing more then eighty percent of the home value on any one mortgage. If you are interested in comparing loan rates, new home loans, home equity loans, refinancing, and/or discussing your existing mortgage , please visit MortgagePIG.com |
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