PMI Makes changes to tax deductibility!!!

For the 2007 tax year, the Congress is allowing Mortgage Insurance to be TAX DEDUCTIBLE for families with ADJUSTED GROSS INCOMES (AGI) up to $109,000!! (To get full credit for the PMI, the borrowers' AGI cannot exceed$100,000; the eligibility is reduced by 10% up to a max AGI of $109,000)

Remember, this is AGI, which means that borrowers with householdunadjusted gross incomes possibly as high as $125,000 can qualify forthis benefit!!Why is this important?? In recent weeks, the rates, and cost, forsecond trust financing has skyrocketed, due to investor worries aboutincreased levels of foreclosure. These second trust products are not as attractive to the buyers in the current market. With PMI becomingtax deductible, your buyers can benefit by still achieving a low/nodownpayment, keeping total payments lower, only having one payment tocontend with, and getting the expanded tax benefits for having to payPMI, which serves to reduce their overall annual housing expense burden.