Private Mortgage Insurance is a protection for lenders when they lend on Conventional loans over 80% loan to value, and on all USDA, FHA and VA loans. The amount of PMI can range from $100 to $250 or more, depending on the value of your home.
Congress did renew the provision for deducting your Private Mortgage Insurance for the year of 2017. This means that if you secure a Conventional loan for over 80% of the sales price, and FHA and VA mortgages, you will be able to deduct that premium from your taxes in 2017. In order to receive a credit for it on your taxes, it must be your personal residence, and not an investment property. Also, the deduction is phased out for those that earn up to $109,000 in adjusted gross income.
Also, some mortgage