The Affordable Homeownership Access Act exempts small property owners who finance home sales directly from federal mortgage licensing and originator requirements. Under the bill, property owners can provide owner financing for up to 24 residential properties per year without obtaining a mortgage broker license, as long as they own the properties being financed and meet basic consumer protections like documenting the buyer's ability to repay and limiting interest rate adjustments. The exemption applies to both traditional homes and manufactured homes, though it excludes builders and contractors who finance homes they constructed. The bill also requires the Department of Housing and Urban Development and Treasury Department to conduct a one-year study on owner financing trends, including how many affordable homes are currently sold this way and how many more could be sold if licensing barriers were removed. The legislation targets lower-cost properties—those under $150,000 or 60 percent of median community home value—to help underserved buyers who cannot qualify for traditional bank loans access homeownership.
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