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.

Pending Legislation: H.R.2760 - Middle Class Mortgage Insurance Premium Act of 2025
Sponsor: Rep. Vern Buchanan (FL)
Status: House Committee on Ways and Means
Chair: Rep. Jason Smith (MO)

• I oppose reforming current mortgage insurance policy and wish to donate resources to the campaign committee of Speaker Mike Johnson (LA) .
• I support permanently reinstating and expanding the tax deduction for mortgage insurance premiums to make homeownership more affordable by increasing the income eligibility for the deduction from $100,000 to $200,000.