Homeownership for DREAMers Act

Hozzl · 2023-12-15T15:56:38Z

Explore the details of House Bill 2397 Homeownership for DREAMers Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 3:56 PM

Summary of Bill HR 2397

The Homeownership for DREAMers Act, also known as Bill 118 hr 2397, is a piece of legislation introduced in the US Congress. The bill aims to allow individuals who are recipients of the Deferred Action for Childhood Arrivals (DACA) program, also known as DREAMers, to be eligible for Federal Housing Administration (FHA) loans for the purpose of purchasing a home.

Currently, DACA recipients are not eligible for FHA loans, which can make it difficult for them to achieve the American dream of homeownership. The Homeownership for DREAMers Act seeks to address this issue by allowing DACA recipients to qualify for FHA loans, provided they meet certain criteria such as having a valid work permit and meeting credit requirements.

Supporters of the bill argue that it is important to provide DREAMers with the opportunity to become homeowners, as homeownership is often seen as a key component of achieving financial stability and building wealth. By allowing DACA recipients to access FHA loans, the bill aims to help DREAMers achieve their homeownership goals and contribute to the economy. Opponents of the bill may argue that DACA recipients should not be given access to federal housing assistance, as they are not legal residents of the United States. They may also raise concerns about the potential impact of the bill on the housing market and the availability of FHA loans for other borrowers. Overall, the Homeownership for DREAMers Act is a piece of legislation that seeks to address the barriers that DACA recipients face in achieving homeownership. It is currently being considered in Congress, and its outcome will have implications for the ability of DREAMers to access FHA loans and pursue the American dream of owning a home.

Congressional Summary of HR 2397

Homeownership for DREAMers Act

This bill prohibits federal mortgage providers from limiting insurance eligibility on the basis of the mortgagor's participation in the Deferred Action for Childhood Arrivals Program.

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Current Status of Bill HR 2397

Bill HR 2397 is currently in the status of Bill Introduced since March 29, 2023. Bill HR 2397 was introduced during Congress 118 and was introduced to the House on March 29, 2023. Bill HR 2397's most recent activity was Referred to the House Committee on Financial Services. as of March 29, 2023

Bipartisan Support of Bill HR 2397

Total Number of Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 2397

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 2397

Homeownership for DREAMers ActHomeownership for DREAMers ActTo clarify that eligibility of certain mortgages with Federal credit enhancement may not be conditioned on the status of a mortgagor as a DACA recipient if all other eligibility criteria are satisfied, and for other purposes.

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