Kean Introduces Legislation to Make Portable Mortgages Accessible

(August 3, 2026) WASHINGTON, D.C. - Today, Congressman Tom Kean, Jr. (NJ-07) introduced the Making Ownership Viable for Everyone (MOVE) Act, legislation that would make portable mortgages accessible, allowing homeowners to transfer their existing mortgage rate, term, and balance to a new property. The MOVE Act will require Fannie Mae and Freddie Mac, entities that buy mortgages from lenders, to begin purchasing portable mortgages. Making portable mortgages accessible will encourage families to sell their home that is no longer a fit for them, while simultaneously adding more homes to the market to address the housing crisis.

"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."

Congressman Kean has led efforts to address housing affordability in the U.S. House of Representatives, including the introduction of the Make American Housing Affordable (MAHA) Act, and the successful fight to restore the full State and Local (SALT) Deduction for middle-class families in New Jersey. In the 2025 Reconciliation package, Congressman Kean fought to quadruple the SALT deduction to $40,000-a major victory for New Jersey homeowners.

Text of the MOVE Act is available HERE.

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