Deductions & credits

The deduction for mortgage insurance (PMI or MIP) starts to phase out at $100,000 adjusted gross income and is gone at $109,000 of AGI.  The other itemized deductions (mortgage interest, property taxes) don't have income limits.

The mortgage interest deduction is limited if you take out a home equity loan that is more than $100,000 OVER the purchase price of your house plus cost of renovation.  This was put in place during the real estate boom of the late 1990s-2000s when people were taking out huge equity loans based on market appreciation, but usually won't apply to a recent home purchase.

There is a general limitation on all Schedule A itemized deductions that gradually reduces the amount of deduction when your income goes over $309,000, but you still get a partial benefit.