Increasing Access to Homeownership

It's no secret that housing costs continue to rise. In fact, from 2007 to 2022, the median sale price of a home in Wisconsin rose by more than 50%. A variety of factors contribute to cost increases, including permitting issues and a lack of new construction. 

In Congress, I'm working to find ways to lower costs for Wisconsin families. Here is one way the federal government is making it easier for first-time homebuyers to qualify for an affordable mortgage.

Earlier this week, the Federal Housing Finance Agency (FHFA) announced that mortgage lenders can now use rent payment history to help more Americans qualify for a mortgage. This will be a critical step forward in increasing access to housing.

Previously, lenders relied primarily on FICO credit scores, which did not include rent payments. As a result, credit scores often lacked important information, such as on-time rental payments, for younger or working Americans looking to purchase a home.

Under the new policy, lenders can incorporate a VantageScore, which factors in rental payment history. This means Americans who consistently pay their bills on time will be able to leverage their full credit history during the lending process, opening the door to more competitive mortgage options.

The FHFA plans to incentivize lenders to use both scoring systems to promote accessibility in the mortgage process.

You can read more about this important reform here.

Celebrating the 4th

On July 4th, 1776, our founding fathers adopted the Declaration of Independence. 249 years later, we celebrate the birth of our nation.

Last week, I celebrated Independence Day by joining families in Waterford and Racine. Despite the weather, Wisconsin families were out, ready to celebrate our nation.

Across Wisconsin, families gathered for fireworks, barbecues, and parades, celebrating our nation, and the freedom and opportunities it provides. I hope you and your family got the chance to join the festivities and spend time with your loved ones on America's birthday.

Delivering for American Families

On July 3rd, the House passed H.R. 1, transformative legislation that cuts taxes for working families, secures our border, invests in our armed services, lowers costs for families, and eliminates waste, fraud, and abuse in Medicaid. 

I recently joined WCLO's Tim Bremel to talk more about the positive impact this bill will have on Wisconsin families. You can listen to our discussion here.

This bill reduces taxes for hardworking families.  Under current law, without changes, taxes would have increased 22% for Wisconsin families at the end of this year—equivalent to $1,500 per family. H.R. 1 prevents this tax hike and goes further—delivering real tax relief for families.

This bill also: 

• Provides a new $6,000 tax deduction for seniors, individuals making up to $75,000 annually for single filers or $150,000 for joint filers. 
• Helps American workers by ending taxes on tips and overtime.
  • Ends taxes on tips up to $25,000 for individuals making $150,000 or less annually 
  • Ends taxes on overtime up to $12,500 for individuals making $150,000 or less annually.
• Makes the Child Tax Credit permanent and increases it to $2,200 per child. 
  

The White House Council of Economic Advisors predicts that this legislation will increase take-home pay for Wisconsin families by $7,200 a year. To see how some of these important provisions will affect your pay, you can view a wage increase calculator here.

I'm proud to support these initiatives and will continue working to reduce costs for American families. 

On Wisconsin,

Bryan Steil
Member of Congress

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