It will help restore prosperity and stability to millions of households by providing crucial tax relief—including bringing back an impactful tax deduction for mortgage insurance premiums (MIPs).

From 2007-2021, four million homeowners used the MIP deduction annually. In the years that the deduction was active, homeowners claimed it for a total of 44 million times, and the average amount saved was $1,454 per person.

READ MORE: What's in the 'big, beautiful' Trump tax bill for lenders?

The total amount of money saved by the American taxpayer in those years was $65 billion, which would be enough to buy almost 150,000 homes today.

The Biden administration, unfortunately, allowed this important deduction to expire, costing the American taxpayer thousands of dollars each year.

Thankfully, President Trump's One Big Beautiful Bill is not just restoring this deduction, it's making it permanent. 

Mortgage insurance lowers risk to lenders and opens paths to homeownership for Americans who would otherwise be priced out of the housing market by the need to make large down payments. The return of the MIP deduction means fuller wallets for middle-class families and first-time homebuyers who pay MIPs to HUD's Federal Housing Administration, other government agencies, or private insurers. 

Homeownership is the jewel in the crown of the American Dream, and with the revival of the MIP deduction, homeowners can now keep more of their hard-earned dollars while continuing to pursue that dream.