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Congress quietly passed several new tax laws in 2006 and one could bring much need relief for many homeowners stuck paying Private Mortgage Insurance. If you're currently paying Private Mortgage Insurance or have been putting off purchasing a home because of it, this new tax law "might" save you a lot of money; however, there is a catch. Here is what you need to know about the new tax laws and your Private Mortgage Insurance.

If you're not already familiar with Private Mortgage Insurance or PMI, many mortgage lenders require certain homeowners to purchase a policy to protect the lender from losses due to foreclosure. If you are purchasing a home with less than a 20% down payment, or refinancing your home without a certain amount of equity, you could be required to purchase Private Mortgage Insurance. Private Mortgage Insurance is expensive, it could add hundreds of dollars to your monthly payment amount and PMI does absolutely nothing for the homeowner. If you're not able to get around Paying Private Mortgage Insurance this new tax law could allow you to deduct the premiums from your taxes.

I say "could" because Congress didn't make this deduction available to everyone. It only applies to mortgage contracts originated starting in 2007, and there are income requirements you'll have to meet in order to qualify. If you're already paying Private Mortgage Insurance and meet the income requirements, refinancing your loan might allow you to take advantage of the tax deduction.

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In order to fully qualify for the Private Mortgage Insurance tax deduction, your income must be below $100,000, and the property must be your residence. If your income is less than $110,000 you qualify for a partial deduction; however, if your income is over $110,000 you will not qualify for the tax deduction. For homeowners with low income that are struggling with Private Mortgage Insurance this tax deduction will bring much need relief at tax time. Everyone else will just have to wait on Congress to expand the deduction to everyone.

You can learn more about your mortgage options, including costly mistakes to avoid by registering for a free, six-part mortgage video tutorial.