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Low-Income First-Time Homebuyers Support Program

This act establishes a program to assist low- and moderate-income individuals who are first-time and first-generation homebuyers in accessing affordable home loans. The goal is to facilitate homeownership and wealth building for these groups. The program is set to operate until the end of 2025.
Key points
Facilitates access to affordable home loans for low- and moderate-income first-time homebuyers.
Targets individuals whose parents or legal guardians did not previously own a primary residence.
Loans will have fixed interest rates and monthly payments not exceeding 110% of standard rates for similar loans.
Caps mortgage insurance or loan guarantee fees at 4% of the loan balance, payable at closing or financed into the loan.
Household income eligibility is up to 120% of the area's median income, or 140% in high-cost areas.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_2797
Sponsor: Sen. Warner, Mark R. [D-VA]
Process start date: 2021-09-22
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

LIFT Homebuyers Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2797.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-09-22.

What are the main provisions?

Key points include:

  • Facilitates access to affordable home loans for low- and moderate-income first-time homebuyers.
  • Targets individuals whose parents or legal guardians did not previously own a primary residence.
  • Loans will have fixed interest rates and monthly payments not exceeding 110% of standard rates for similar loans.
  • Caps mortgage insurance or loan guarantee fees at 4% of the loan balance, payable at closing or financed into the loan.
  • Household income eligibility is up to 120% of the area's median income, or 140% in high-cost areas.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Warner, Mark R. [D-VA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Real Estate Benefits Economy