The LIFT Homebuyers Act establishes a federal program to help low- and moderate-income first-time, first-generation homebuyers purchase homes through affordable mortgage loans. The program creates LIFT HOME Funds within the Department of Housing and Urban Development and the Department of Agriculture (for rural borrowers) to administer the initiative, with the Treasury Department purchasing securities backed by these loans to maintain liquidity. Eligible borrowers must have household incomes at or below 120 percent of their area's median income (or 140 percent in high-cost areas), be first-time homebuyers, and have no parents or spouse who own a principal residence—with special provisions for individuals who experienced foster or institutional care. The program caps mortgage insurance premiums at 4 percent and offers loan terms of 20 years or longer, with monthly payments kept between 100-110 percent of standard federal loans. The bill authorizes necessary appropriations and requires participating agencies to establish outreach and counseling programs, with new loans eligible through December 31, 2027.
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