Is FHA mortgage insurance deductable?

Asked by Capragal, Coconut Creek, FL Fri Jun 15, 2012

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Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Sun Nov 20, 2016
Borrowers with an AGI less than $100,000 can deduct 100% of their PMI premiums. The PMI tax deductions are effective for both home purchase and refinancing transactions. Depending on household income, both FHA MIP and USDA can be deductible as well.

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Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Fri Jun 15, 2012
It's been that way for a few years, if you make under 100k. That was why the 80/20 loans with NO PMI were so attractive.

Though I close FHA loans, with the FHA 1.75% Financed MIP Fee ($5,200 on a 300k loan amount in basically Gov. Points), plus the monthly MI payment, FHA is actually a very costly loan.

But it’s the only tool in the toolbox for many. But most have options they are never educated about.

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