Reply: Mortgage insurance lowers the risk to the lender of creating a mortgage to you, so you can qualify for a loan that you may not in any other case have the ability to get. While VA loans do not require mortgage insurance coverage, they do require a one-time funding payment that’s much like the FHA mortgage’s UFMIP. Between 2008 and 2013 Congress allowed buyers to write off their PMI mortgage premium funds but that deduction ended.

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