Affordable Homeownership Access Act

Affordable Homeownership Access Act

This bill exempts from certain mortgage licensing and registration requirements a person (other than a depository institution) who engages in owner financing. Owner financers (1) originate a limited number of residential mortgage loans in a year, and (2) only originate residential mortgages with respect to property owned by the owner financer.

The Affordable Homeownership Access Act, also known as Bill 118 hr 3464, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to increase access to affordable homeownership for low and moderate-income individuals and families.

One of the key provisions of the Affordable Homeownership Access Act is the establishment of a grant program to assist first-time homebuyers with down payment and closing costs. This program aims to make homeownership more attainable for those who may not have the financial means to cover these expenses on their own.

Additionally, the bill includes measures to incentivize lenders to provide more affordable mortgage options to low and moderate-income borrowers. This could include offering lower interest rates or more flexible terms to make homeownership more sustainable for these individuals. Furthermore, the Affordable Homeownership Access Act seeks to address barriers to homeownership faced by marginalized communities, such as discrimination in the housing market. The bill includes provisions to promote fair lending practices and combat housing discrimination to ensure that all individuals have equal access to homeownership opportunities. Overall, the Affordable Homeownership Access Act is aimed at promoting homeownership as a pathway to financial stability and wealth-building for low and moderate-income individuals and families. By providing assistance with down payments, incentivizing lenders to offer affordable mortgage options, and addressing barriers to homeownership, this bill seeks to make the dream of owning a home a reality for more Americans.