PMI to become tax deductible

[lamoneyguy]

I’m sorry if this has been posted already. Here is a link to the article.

This will be available for buyers who close their loans in 2007 and make $100k or less. If you already own a house and currently pay PMI, this will not benefit you. However, you could refinance your loan in order to get the tax deduction.

So, I’m curious to hear what everyone here thinks about this.

-What will be the impacton prices (presumably favorable)?
-Will this change how people finance their houses (no more 80/20), and is this favorable or not?
-Why do you think Congress passed this at this time?

Thanks,
~lamoneyguy

[no_such_reality]

I think anybody would have a problem if they went from $250,000 to $150,000 in income and hadn’t planned it.

Unfortunately, any money board discussions are full of these lame brains.

Here’s what they should do…

1> He should get a bleeping job again.
2> either rent the investment houses or sell them.
3> if you’re still debating the need for a private phone number because of the $3 charge, GET RID OF THE HORSE!

[lamoneyguy]

What are you talking about?

[Author]

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