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Whether you are getting a Conventional, FHA, or USDA loan, chances are you will have to pay Private Mortgage Insurance(PMI). For a full explanation on what is PMI, how it is calculated and how to eliminate it go to our What is PMI page. 

PMI is now fully tax deductible through 2010 thanks to a new law passed earlier this year. The mortgage must have originated after 12/31/06. The full deduction is limited to homeowners making $100,000/yr or less. If you make more than $100K you can still get a partial deduction. Consult your tax advisor for details.