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    ho have mortgage loans funded after January 1, 2007 might be able to utilize the new legislation.

    -At this time, only eligible purchases qualify. It is s

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    Recent legislation signed into law allowing some tax deductions on Private Mortgage Insurance (PMI) premiums by homebuyers is filled with more questions than answers as of this writing. As with any tax questions, seek out an experienced tax professional. Many in the mortgage industry were caught off guard by this new tax law. Depending on many variables in the legislation, do not take for granted any advice on deductibility from those who do not have a thorough understanding of the short and long term implications of this legislation.

    What we do know:

    -Borrower-Paid Private Mortgage Insurance for eligible borrowers who have mortgage loans funded after January 1, 2007 might be able to utilize the new legislation.

    -At this time, only eligible purchases qualify. It is st

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    nswers as of this writing. As with any tax questions, seek out an experienced tax professional. Many in the mortgage industry were caught off guard by this new tax law. Depending on many variables in the legislation, do not take for granted any advice on deductibility from those who do not have a thorough understanding of the short and long term implications of this legislation.

    What we do know:

    -Borrower-Paid Private Mortgage Insurance for eligible borrowers who have mortgage loans funded after January 1, 2007 might be able to utilize the new legislation.

    -At this time, only eligible purchases qualify. It is s

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    tax law. Depending on many variables in the legislation, do not take for granted any advice on deductibility from those who do not have a thorough understanding of the short and long term implications of this legislation.

    What we do know:

    -Borrower-Paid Private Mortgage Insurance for eligible borrowers who have mortgage loans funded after January 1, 2007 might be able to utilize the new legislation.

    -At this time, only eligible purchases qualify. It is s

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    ng of the short and long term implications of this legislation.

    What we do know:

    -Borrower-Paid Private Mortgage Insurance for eligible borrowers who have mortgage loans funded after January 1, 2007 might be able to utilize the new legislation.

    -At this time, only eligible purchases qualify. It is s

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    ho have mortgage loans funded after January 1, 2007 might be able to utilize the new legislation.

    -At this time, only eligible purchases qualify. It is still unclear if refinances and rehabilitation loans fall under this legislation.

    -Early interpretations by those in mortgage industry believe the legislation covers conventional and FHA financing.

    -The legislation limits the full deductibility to borrowers with an adjusted gross income (AGI) of $100,000 or less. In the case of a married individual filing a separate return, the AGI maximum is $50,000. The deduction in gradually phased out for borrowers with AGI’s up to $109,000. Contact a tax professional concerning your own situation.

    -The current legislation specifically states that unless the legislation is ex

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