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One of the consequences of the 2008 housing crisis was the imposition of new rules on home buyers, one of which requires buyers to have a 20% down payment to qualify for a mortgage loan. Formerly, buyers only needed a 10% down payment. A buyer can still qualify for a loan with a 10% down payment if mortgage insurance is purchased with the loan. Mortgage insurance is an insurance policy that protects a lender if the borrower defaults on payments, passes away or is otherwise unable to meet the contractual obligations of the mortgage. Some lenders will waive this insurance requirement when the home appreciates in value or when the loan principal decreases. Other lenders do not. Mortgage insurance often costs several hundred dollars a month – a significant amount over the term of the loan.

Proposed Legislation: Reintroduction of H.R.3141 - FHA Loan Affordability Act of 2019
Prospective Sponsor: Rep. Dean Phillips (MN)

I oppose reforming current mortgage insurance policy and wish to donate resources to the campaign committee of Speaker Kevin McCarthy (CA).
I support requiring Federal Housing Administration mortgage borrowers to pay mortgage insurance premiums only when their remaining principal balance exceeds 78% or more of the home value or sales price, and wish to donate resources to the campaign committee of Rep. Dean Phillips (MN) and/or to an advocate group currently working with this issue.

Winning Option »» No issues were voted

I support requiring Federal Housing Administration mortgage borrowers to pay mortgage insurance premiums only when their remaining principal balance exceeds 78% or more of the home value or sales price, and wish to donate resources to the campaign committee of Rep. Dean Phillips (MN) and/or to an advocate group currently working with this issue.