I’m receiving gleeful emails from various private mortgage insurance companies announcing that mortgage insurance will once again be tax deductible. This is thanks to the PATH Act extending certain tax benefits to eligible home owners.
Mortgage Insurance Tax Deductible for 2015 and 2016
December 23, 2015 by 2 Comments
Lower FHA Mortgage Insurance + Low Mortgage Rates = FHA Streamline Refi’s
February 3, 2015 by 1 Comment
HUD recently reduced annual mortgage insurance premiums for FHA 30 year fixed rate mortgages by 50 basis points. The annual mortgage insurance premium is part of the monthly mortgage payment and 50 basis is a dramatic reduction. If you have a $400,000 loan amount, this is a monthly savings of $166.67 (400,000 x 0.50% divided by 12 months).
It’s Official: FHA Mortgage Insurance to be reduced
January 9, 2015 by 2 Comments
Today HUD issued Mortgagee Letter 2015-01 officially reducing FHA mortgage insurance effective on case numbers issued on or after January 26, 2015. HUD is also allowing existing case numbers (with the current higher mortgage insurance) to be cancelled as long as they were ordered within 30 days from today.
Mortgage Insurance Deductible through 2014
December 23, 2014 by Leave a Comment
You may have heard that last week, Congress passed and President Obama signed the 2014 Tax Increase Prevention Act. It has some good news for home owners who currently pay various forms of mortgage insurance. If you pay mortgage insurance, including private mortgage insurance (pmi), or VA, FHA or USDA forms of mortgage insurance during 2014, you may be able to deduct that on your 2014 income taxes.
Before you get too excited, this act does not extend the mortgage insurance deduction past 2014.
So if you are paying any form of mortgage insurance, especially if it’s private mortgage insurance or FHA mortgage insurance, it still makes sense to see if you can eliminate or reduce your payment with a refinance as you will not be able to deduct your mortgage insurance during 2015 (as things currently stand).
If I can help you with your refi or home purchase on property located anywhere in Washington state, please contact me!
Seattle RE Chat – FHA’s HAWK Program [Video]
July 13, 2014 by Leave a Comment
In this episode of Seattle Real Estate Chat, Jim Reppond and I discuss FHA’s HAWK program with special guest, Frances Flynn Thorsen.
