Good Information if you have Mortagage Insurance or Want to Buy or Sell a HOME in Nashville, TN

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December 21, 2010   MI Tax Deductibility Extended Through 2011 The President has signed the bill extending Mortgage Insurance tax deductibility through December 31, 2011. This makes it a great time to tell your customers how they can use MI to buy a home sooner and enjoy predictable payments, while benefiting by deducting the premiums from their income taxes. And MI can be canceled once the home buyer builds enough equity.     Details on Tax Deductibility for MI Remain Unchanged The home purchase or refinance loan must close between January 1, 2007 and December 31, 2011; Household income must be at or below $100,000 for a full deduction of premium; The premium deduction is reduced 10% for each $1,000 of income over $100,000; The premium deduction is prorated in the first year based on the month the loan closes; Applies to primary residence and one other residence purchased for personal use by the taxpayer; Monthly, annual, and single MI premiums are eligible. Financed premium deductions should be taken over a seven year period.   And That's Not All MI from RMIC can be a better option than FHA for many borrowers, for more than one reason. Lower monthly payments Higher maximum loan amounts mean more borrowers and higher commissions Real people available for help and support Full menu of additional products and services to grow your business Click here to access RMIC's It's Time for MI Resource Center to find out more about all the ways RMIC can help you meet your goals and help your customers. It's time for MI... and more!     Note: Tax deductibility currently is approved through December 31, 2011. RMIC does not provide tax advice. Borrowers should consult their tax advisor to determine eligibility for this deduction.