On Dec 31st, Congress let 58 tax code benefits expire, including credits for home energy improvements, credits for builders of energy-efficient new houses, and home buyer tax deductions for mortgage insurance. The mortgage insurance deduction has been a key mortgage financing benefit in place since 2007 which benefitted home buyers with income of $110k per year or less. Combined with the new fees they are imposing on Conventional loans this Spring, Congress continues to increase the costs of homeownership rather than reduce them! It should be noted that Congress still has the power to reauthorize all or some of the write-offs retroactively this year, but the current political atmosphere raises doubts about that happening. Its time to let our elected representatives know how we feel!
This entry was posted on Thursday, January 19th, 2012 at 8:45 am. and is filed under Mortgage Insurance, Mortgage News, News & Reports. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.