I realize that the monthly MI payments are only deductible if AGI is under $100,000 a year. In addition to the monthly, the FHA loan requires a premium to be paid- ie: 1.75% of the loan amount. Would that entire amount be able to be deducted as part of closing costs like points, title fees, etc?
The purpose of this loan is a re-fi, and it will be re-financed in 2009
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Your insurance premium that you are paying on your mortgage is deductible. It is listed on the Schedule A.
When did you buy the house? The itemized deduction for the premium is only deductible if you recently bought the house. See 1040 instructions for schedule A.
Since you appear to have paid a lump sum, you must prorate it over the life of the loan.
Also see IRS pub 530.