Mortgage Insurance Fairness Act of 2005

The Mortgage Insurance Fairness Act of 2005 (H.R. 3098) proposed a change to the tax code that would allow homeowners to deduct the cost of private mortgage insurance (PMI) premiums from their federal income taxes. Under this bill, the full deduction would be available to taxpayers with an adjusted gross income of $100,000 or less, with the benefit gradually phasing out for those earning above that amount. This measure was designed to lower the cost of homeownership for individuals and families who did not have a 20% down payment when purchasing their homes.