Will Congress Keep a Popular Write-off for Homeowners in Tax Overhaul?

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Will Congress Keep a Popular Write-off for Homeowners in Tax Overhaul?

Dec, 30th 2016

For millions of moderate-income homebuyers, there's an important money-saving question looming in 2017: Will Congress reinstate deductions for mortgage insurance premiums as part of its overhaul of the federal tax code?

Depending on your situation as a buyer or owner, it could mean thousands of dollars in tax write-offs. Mortgage insurance premiums are charged by lenders when borrowers make less than a 20 percent down payment. In one form or another, they are an integral part of all Federal Housing Administration, Department of Veterans Affairs and low-down-payment loans eligible for sale to investors Fannie Mae and Freddie Mac. During the past year, 43 percent of all home purchases were made with down payments of 5 percent or less, according to analytics firm CoreLogic — often by millennials, first-timers and minority...

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