Long Beach Home Owners Can Deduct PMI

Long Beach Home Owners Can Deduct PMI-If you have purchased a Long Beach home or condo after January of 2007 don't forget to take advantage of the deduction.



Long Beach Home Owners Can Deduct PMI

Private Mortgage Insurance

 

 

Private Mortgage Insurance (PMI) is deductible under certain circumstances for buyers of Long Beach Homes and Condos. 


Long Beach California Home Owners Can Deduct PMIPrivate Mortgage Insurance/PMI is usually required for home loans with less than 20% down payment. Buyers with less than 20% down are considered to be a higher risk to lenders, PMI protects lenders against potential buyer defaults.


To qualify for the PMI related deduction you must have purchased your Long Beach Home or Condo after January 1, 2007.  The deduction is only available for PMI premiums paid on the original loan for homes and condos purchased between 2007 and 2010.  You can deduct the PMI as mortgage insurance but must deduct it evenly over 84 months. 

 

Home owners with an adjusted gross income of up to $100,000 can deduct all 100% of the PMI, the deduction is phased out to an adjusted gross income of $110,000.  

 

PMI premiums usually run about $750 per year for every $100,000 owed. 

 

If you have purchased a Long Beach home or condo after January of 2007 don't forget to take advantage of the deduction.  Every little bit helps.

 

Important Long Beach Home Buyer Tips


 

 

This article highlights issues that many first time home buyers do not consider, that being the remaining life of the existing systems currently in the home and the cost of future replacement:


 



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Posted on September 11, 2009 19:45:00 by Laurie Manny Professional Group
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