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A New Tax Deduction for Mortgage-Insurance Premiums Will Help Low- and Moderate-Income Families
PMI Mortgage Insurance Company ConsumerFeature
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READER SCRIPT
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THE NEW TAX-CODE GIVING AMERICAN HOME-BUYERS A TAX-DEDUCTION FOR MORTGAGE-INSURANCE PREMIUMS IS A WELCOME BREAK FOR LOW- AND MODERATE-INCOME FAMILIES, TRYING FOR THEIR PIECE OF THE AMERICAN DREAM. ACCORDING TO P-M-I MORTGAGE INSURANCE COMPANY, THE NEW DEDUCTION CAN NOW SAVE FAMILIES WITH INSURED LOANS HUNDREDS OF DOLLARS. FOR MANY PEOPLE, SAVING A DOWN-PAYMENT IS THE BIGGEST HURDLE TO BUYING A HOUSE. AND, MANY FIRST-TIME HOME-BUYERS TODAY DON'T HAVE A 20-PERCENT DOWN-PAYMENT. THIS MEANS THAT THEY FACE A CHOICE BETWEEN ONE LOAN WITH MORTGAGE INSURANCE, AND TAKING ON A SECOND MORTGAGE--SOMETIMES CALLED A "PIGGYBACK LOAN". MORTGAGE INSURANCE HAS ALWAYS BEEN A SIMPLE, SAFE, AND SMART WAY TO BUY A HOME WITH A LOW DOWN-PAYMENT. AND, NOW THAT THE COST IS TAX-DEDUCTIBLE, IT'S OFTEN A BETTER SOLUTION THAN A "PIGGYBACK LOAN". MAKING THE COST OF MORTGAGE INSURANCE TAX-DEDUCTIBLE HELPS THOSE WHO NEED IT MOST: LOW- AND MODERATE-INCOME AMERICANS, AND PRIMARILY FIRST-TIME HOME-BUYERS, WHO SIMPLY ARE UNABLE TO SAVE FOR A 20-PERCENT DOWN-PAYMENT. TAXPAYERS SHOULD CONSULT THEIR TAX ADVISORS, TO BE SURE THAT THIS NEW DEDUCTION WILL APPLY TO THEIR PARTICULAR CIRCUMSTANCES. FOR MORE INFORMATION, VISIT W-W-W-DOT-"P-M-I"-HYPHEN-"U-S"-DOT-COM.
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