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» From: Birmingham, AL Dear TaxMama: Is there any other way to avoid PMI tax other than putting down 20%? Ray Dear Ray, Try shopping for a friendlier lender? No really, it's easy. And done all the time. I'm surprised your loan broker didn't suggest it. Get one of those 80/20 or 80/10/10 loans. That means, you get the first loan for 80% and avoid the PMI. Get another loan for either 10% or 20%, depending on your cash for a down payment. You may pay slightly higher interest on the 2nd and 3rd loans, but all the interest is deductible. Best wishes, Eva Rosenberg Your TaxMama  |
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