WASHINGTON, D.C. — U.S. Rep. Tom Kean Jr., R-7th District, has introduced legislation that would allow homeowners to transfer their existing mortgage to a new home, a proposal he said would help address housing affordability and increase the number of homes on the market.
The Making Ownership Viable for Everyone (MOVE) Act would require Fannie Mae and Freddie Mac to begin purchasing portable mortgages, allowing homeowners to transfer their existing mortgage rate, term and balance to another property.
Kean said making portable mortgages available would encourage homeowners to move when their housing needs change without losing a favorable mortgage rate, while also increasing housing inventory.
“Homeownership is one of the most important ways New Jersey families build equity, stability, and long-term financial security,” said Congressman Kean. “I have heard directly from residents across our state who feel stuck in homes that no longer meet their needs because moving would mean giving up their mortgage rate. I wrote this bill, the MOVE Act, to give homeowners more freedom, help put more homes on the market, and make the American Dream of owning a home more attainable for families across New Jersey.”
According to Kean’s office, the legislation builds on his previous efforts to address housing affordability, including introducing the Make American Housing Affordable (MAHA) Act and supporting restoration of the full state and local tax deduction for middle-class families in New Jersey.
Kean’s office also noted that the 2025 reconciliation package increased the SALT deduction to $40,000, a change the congressman said would benefit New Jersey homeowners.
