The Real Deal New York

Homeownership costs to skyrocket with new fees, loss of write-offs

February 14, 2012 02:00PM
By Kenneth Harney

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From the February issue: Though its demise drew little attention because of the partisan year-end brawl over the payroll tax cut extension in Congress, a key mortgage financing benefit disappeared at the end of December: the ability of large numbers of homebuyers and owners to write off the premiums they pay for mortgage insurance.

The loss of that tax deduction — plus mandatory new fees imposed by Congress on all new conventional and Federal Housing Administration loans — could effectively ratchet up the costs of home-ownership this year. [more]