FARM Home Loans Act of 2023
1/24/2024, 3:00 PMSummary of Bill S 3497
Bill 118 s 3497, also known as the FARM Home Loans Act of 2023, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide financial assistance to farmers who are looking to purchase or refinance their homes.The FARM Home Loans Act of 2023 aims to address the unique financial challenges that farmers face when it comes to securing home loans. Many traditional lenders are hesitant to provide loans to farmers due to the unpredictable nature of agriculture and the fluctuating income that comes with it. This bill seeks to create a specialized loan program that is tailored to the needs of farmers, making it easier for them to access the financing they need to purchase or refinance their homes.
One key provision of the FARM Home Loans Act of 2023 is the establishment of a new loan program specifically for farmers. This program would offer low-interest loans with flexible repayment terms, making it easier for farmers to qualify for and afford a home loan. Additionally, the bill includes provisions to streamline the application process and reduce the paperwork burden for farmers applying for these loans. Overall, the FARM Home Loans Act of 2023 is aimed at providing much-needed financial assistance to farmers who are looking to purchase or refinance their homes. By creating a specialized loan program tailored to the needs of farmers, this bill seeks to make it easier for farmers to access the financing they need to achieve homeownership.
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Current Status of Bill S 3497
Bill S 3497 is currently in the status of Bill Introduced since December 13, 2023. Bill S 3497 was introduced during Congress 118 and was introduced to the Senate on December 13, 2023. Bill S 3497's most recent activity was Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. as of December 13, 2023Bipartisan Support of Bill S 3497
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3497
Primary Policy Focus
Housing and Community DevelopmentAlternate Title(s) of Bill S 3497
FARM Home Loans Act of 2023FARM Home Loans Act of 2023Fostering the Availability in Rural Markets of Home Loans Act of 2023A bill to amend the Farm Credit Act of 1971 to modify rural housing financing under that Act.Comments
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Sponsors and Cosponsors of S 3497
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