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Support for Low-Income First-Time Homebuyers

This act aims to make it easier for low- and moderate-income individuals, who are the first in their family to buy a home, to achieve homeownership. It establishes a special mortgage loan program designed to make loans more affordable and help build wealth. Citizens can benefit from preferential loan terms, potentially lowering monthly payments and initial costs.
Key points
The program offers special mortgage loans with more favorable terms to reduce monthly payments and upfront fees.
It targets first-time homebuyers who are also first-generation homebuyers, with specific income limits.
Loans will have fixed interest rates and shorter terms (typically 20 years), which can help pay off debt faster.
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Additional Information
Print number: 118_HR_4573
Sponsor: Rep. Cleaver, Emanuel [D-MO-5]
Process start date: 2023-07-12
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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 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4573.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-07-12.

What are the main provisions?

Key points include:

  • The program offers special mortgage loans with more favorable terms to reduce monthly payments and upfront fees.
  • It targets first-time homebuyers who are also first-generation homebuyers, with specific income limits.
  • Loans will have fixed interest rates and shorter terms (typically 20 years), which can help pay off debt faster.
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 Rep. Cleaver, Emanuel [D-MO-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Real Estate Benefits Economy