FHA loan

MI Providers Hail Passage of New Tax Law 

Today per Bloomberg, Congress has passed a new tax law which will make mortgage insurance deductible in 2007 for some: Premiums on private and government mortgage insurance will become tax deductible next year for some borrowers for the first time under legislation passed by the U.S. Congress. Bills which include the change were passed yesterday by the House and early today by the Senate. Borrowers who make less than $100,000 a year will be able to write off the full amount of their premiums. Homeowners making more than $110,000 won’t be eligible.