I closed on my house December 13th and my first monthly payment is due February 1st. Do I need to wait to deduct the PMI/homecredit until next year?

That answer is incomplete, I'm afraid.

If you have a VA loan or a loan from the Rural Housing Authority, the lump sum PMI (called a funding fee) is in fact deductible all at once in the year you pay it.  But if you paid a lump sum PMI to a bank or the FHA, it must be deducted over 84 months beginning with your first mortgage payment. Since you have no payments in 2016, you don't deduct any PMI in 2016.  For 2017, you would deduct 11/84ths of the lump sum amount, and continuing each year until you use it up.  (Also, I believe the deduction ends in 2016, but Congress has been extending it one or two years at a time for the last decade or so.  No guesses on what the Trump tax plan will do to it.)

Your 1098 for 2017 is supposed to show the allocation of prepaid PMI along with any monthly PMI payments but it may not.  If it doesn't, you can manually add it.  But that's something to watch for next year.