On December 19, 2014, legislation was passed once again allowing for the tax deductibility of mortgage insurance (MI) premiums for qualified borrowers. The deductibility is effective for purchase and refinance transactions closed after December 31, 2013. MI premiums paid or accrued after December 31, 2013 and through December 31, 2014 may qualify for tax deductibility […]Read More Mortgage Insurance = Tax Deduction
In the first Mortgagee Letter of the year FHA makes a HUGE change by reducing its annual mortgage insurance by 50 basis points across the board. The new rate will be 85 basis points (for loans with less than 5% down payment). Example – $200,000 mortgage with 3.5% down payment Previous FHA monthly mortgage insurance […]Read More FHA Officially Reduces Annual Mortgage Insurance – Cutting Monthly Payments!
Effective April 18, 2011 FHA Monthly Mortgage Insurance Premium (MIP) Increased By 0.25 to 1.15 Point UFMIP Remained at 1.00 Point FHA Mortgagee Letter 11-10 Current Monthly Mortgage Insurance Premium (MIP) An annual premium, shown below, paid monthly, will charged based on the initial Loan to Value and length of the mortgage according to the […]Read More everything you need to know about FHA mortgage insurance – psst, there are TWO!