I am a homeowner who, like millions of other Americans, used a Federal Housing Administration (FHA) loan to purchase my home. Instead of being a comforting prospect, this decision has become a burden due to the imposition of private mortgage insurance (PMI).

PMI is a policy that protects the lender from losses if the homeowner defaults on the loan. However, it puts an extra financial burden on the borrower. The extra cost of PMI for FHA loan holders can amount to thousands of dollars each year. On the average, people pay between 0.5% to 1% of their entire loan amount per year.

With this petition, we urge the FHA to reconsider this policy and provide more affordable housing options for millions of Americans. Mortgage insurance makes sense at the beginning of a loan when the balance is high. However, it should not be a lifelong burden. FHA loans should ideally offer an opportunity for moderate-income individuals to own homes, rather than becoming a financial pit.

We call upon the Fiscal Service of the U.S. Department of the Treasury to revise their policy, make the process of canceling PMI easier, or eliminate their PMI policy for all FHA loan holders who have a good payment history. Let's create a fairer system for all. Please sign this petition and support homeowners.