A new bipartisan bill aims to amend the Internal Revenue Code to make the mortgage insurance premium deduction permanent and raise the income cap for eligibility. This legislative effort, highlighted by Vice Chairman Buchanan and co-sponsor Jimmy Panetta, seeks to ease the burden of rising mortgage insurance costs which hinder homeownership for middle-class families. The Mortgage Bankers Association (MBA) supports this initiative, emphasizing the need for tax relief amid escalating housing prices across the U.S. The bill reflects a broader regulatory relaxation under the new administration, aiming to alleviate financial pressures on home shoppers.
The costs of mortgage insurance can make buying a home that much more difficult for working families, said Jimmy Panetta.
Our bill would make the mortgage insurance premium tax deduction permanent and update the income threshold so more middle-class homeowners can benefit.
With housing prices skyrocketing, it's our responsibility to provide tax relief for middle-class families seeking to own a home, Buchanan said.
The general deregulatory bent of the new administration, we think, will be very helpful in bringing down some costs in the origination process.
Collection
[
|
...
]