Why isn't my $124 monthly home loan PMI (private mortgage insurance) premium tax deductible just like interest?' That was the essence of an e-mail I received from an irate reader who recently bought his first home with a 5 percent down payment. Only later did he and his wife discover their $124 per month PMI expense is neither tax deductible nor does it build equity on their new home.
The much anticipated legislation making private mortgage insurance (PMI) premiums tax-deductible finally passed with the Mortgage Insurance Fairness Act last month. PMI is a monthly premium attached to a mortgage payment for folks whose down payment is less than 20 percent. The logic is simple: The larger the down payment, the bigger the spread between the value of the collateral and the loan size. Borrowers are less likely to default on their mortgage and ultimately lose their home if they have 20 percent (or more) equity at stake.
...The plaintiffs are 26 states, private individuals Mary Brown and Kaj Ahlburg, and the Na... and continuously maintain health insurance from private companies3—is unconstitutional. The... health services without any deductibles, copays, or other cost-sharing requirements. Id. ... upfront or over time through a loan or mortgage). My neighbor will not help cover my costs of purc...
To: POLITICAL EDITORS Contact: Bill Riggs, +1-202-772-2189, briggs@dcgpr.com, for American Homeowners Grassroots Alliance
...Private mortgage insurance is an important tool in promoti..., this mortgage insurance is now tax deductible. Heading into tax day, homeowners must be aware th...
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of the Board of Governors of the Federal Reserve System's (Board's) rulemaking authority for the Truth in Lending Act (TILA) to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation Z (Truth in Lending). This interim final ru...
... E, Special Rules for Certain Home Mortgage Transactions. All existing cross-references to the....46 Special Disclosure Requirements for Private Education Loans. 46(b) Definitions. 46(b)(5) Priva... Bureau consulted the Federal Deposit Insurance Corporation, the Office of the Comptroller of the ... the home-equity plan is or may be tax deductible may not be misleading in this regard. If an advert...
To: REAL ESTATE EDITORS Contact: Jeff Lubar of Mortgage Insurance Companies of America, +1-202-682-2683, jeff@micadc.org
... is the trade association representing the private mortgage insurance industry. Its members help loan... insurance premiums are now tax deductible for many borrowers who purchase or refinance a hom...
To: REAL ESTATE EDITORS Contact: Jeff Lubar of Mortgage Insurance Companies of America, +1-202-682-2683, jeff@micadc.org
Distressed Homeowners with PrivateMI Will Get Additional Help. WASHINGTON, July 27 /PRN... insurance premiums are now tax deductible for many borrowers who purchase or refinance a hom...
Distressed Homeowners with PrivateMI Will Get Additional Help . WASHINGTON -- The Mortggage Insurance Companies of America (MICA) today announced a new ... for a loan modification of a non-GSE mortgage. . The new program is designed to be used on any n... insurance premiums are now tax deductible for many borrowers who purchase or refinance a hom...
... the economic recovery, the mortgage insurance industry is stepping up its ongoing efforts to kee... is the trade association representing the private mortgage insurance industry. Its members help loan... insurance premiums are now tax deductible for many borrowers who purchase or refinance a hom...
I have rented a single-family house out to the same tenant for 15 years, and this person is moving out next month. I owe $68,000 on the property, and it could sell for $280,000. I am a novice investor. However, I would like to eventually own an investment that gives me enough net cash flow so that I can go into partial retirement. The property nets $200 per month. I am trying to figure out if I should do a 1031 exchange and obtain a four- or five-unit building (which will cost between $400,000 and $500,000) or a commercial building.
...You will need to obtain a larger mortgage, which means that your monthly debt service will b...PMI deductions. I keep hearing that private mortgage insurance can be used as a deduction on f... like mortgage interest and should be deductible for tax purposes. However, the IRS was adamant in ...
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