First Time Buyers Goverment HELP!

uncle-sam.jpgAs you may have heard, there are not a lot of NO down payment programs left for home buyers.  This really stinks for a lot of well qualified buyers who will never default on a mortgage payment.   However, with the issues that the mortgage industry has had lately this is a risk that many lenders are no longer willing to take. 

When a loan is over 80% of the homes value a lender will charge what is called MORTGAGE INSURANCE.  This sounds good until you realize that you are not buying it for yourself but for the lender since they are inheriting the risk that you will not make your payment.   Well, most of us have outsmarted the system by getting a loan for 80% of the homes value and another for 20%.  Well, we thought we did something great but now we are seeing less of even these programs available.  

The good news is that Uncle Sam has bailed us out, or is trying.  For the next 3 years Mortgage Insurance will be FULLY tax deductible making it much more attractive and allowing many buyers to purchase a home.  A few things that you need to know about Mortgage Insurance if you want to write it off….

    1.  It is full tax deductible for those making less than $100,000 a year.

    2.  It is partially deductible for those who make $100,000 – $109,000.

    3.   Mortgage insurance is not only safe and predictable, but it’s also cancelable and packed with features        borrowers    want today, including Genworth’s optional and FREE Involuntary Unemployment Insurance and  pre/post purchase counseling assistance.   

This information is deemed realiable, however you should speak with your tax advisor to verify it.

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