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Making Rural Home Loan Assumptions Easier for Buyers and Sellers

This Act simplifies the process for assuming guaranteed single-family housing loans in rural areas (Section 502 Program). It allows qualified buyers to take over the existing mortgage when purchasing a property, potentially securing a lower interest rate. Crucially, the original homeowner who transfers the property is legally relieved of all liability for that loan.
Key points
Allows qualified buyers to assume existing guaranteed rural housing loans when purchasing a home.
The original borrower (seller) is explicitly relieved of all loan liability upon the transfer and assumption by the new buyer.
The government must establish clear rules for this assumption process within one year.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_9814
Sponsor: Rep. Costa, Jim [D-CA-21]
Process start date: 2024-09-25
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Rural Homeownership Continuity Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9814.

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 2024-09-25.

What are the main provisions?

Key points include:

  • Allows qualified buyers to assume existing guaranteed rural housing loans when purchasing a home.
  • The original borrower (seller) is explicitly relieved of all loan liability upon the transfer and assumption by the new buyer.
  • The government must establish clear rules for this assumption process within one year.
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. Costa, Jim [D-CA-21].

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 2025-12-26.

CATEGORIES

Real Estate Agriculture