Tina Smith: “Today, I am reintroducing important legislation to help more Americans realize the dream of homeownership. The Mortgage…”

“Today, I am reintroducing important legislation to help more Americans realize the dream of homeownership. The Mortgage Insurance Fairness Act would make mortgage insurance payment premiums tax deductible. In doing so, it will help more lower-income Americans purchase homes for their families. It is widely recognized that homeownership helps to create stable and safe communities. As such, the Federal Government has long sought to increase homeownership. President Bush has announced a goal of 5.5 million new homeowners by the year 2010. Achieving that goal requires helping those that have typically had difficulty purchasing homes-- young people, low-income families, members of minority groups. Government and private mortgage insurance programs help first-time, low-income and veteran borrowers afford to purchase homes. The Veterans Affairs (VA), Federal Housing Authority (FHA), Regional Housing Authority (RHA) and Private Mortgage Insurance (PMI) programs allow buyers to make a down payment of 3 percent or less of the appraised value.”