Is conventional PMI tax-deductible?
PMI tax deductibility has changed multiple times by Congress. The deduction has been extended in some years and expired in others. Confirm the current tax year's rules with a CPA — this is general information, not tax advice.
What this actually means.
The PMI deduction was first introduced in 2007, expired and renewed multiple times, and extended through certain tax years by various Acts. Whether it applies for the current tax year and whether the borrower's income is within the phase-out limits depends on current IRS rules. Talk to a CPA for tax advice on your specific file. This is general information, not legal or tax advice.
Where this can move.
Credit score, LTV, coverage percentage, occupancy, and PMI provider can change cost. PMI removal is governed by HPA and servicer policy.
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More conventional questions on PMI.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.