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LIFT Program: 20-Year Mortgages for Low-Income First-Time Homebuyers.

This bill establishes a new loan program designed to help low- and moderate-income families who are first-time, first-generation homebuyers achieve sustainable homeownership. The program offers 20-year mortgages with monthly payments structured to be comparable to those of a standard 30-year loan, allowing borrowers to build equity and wealth faster. Eligibility is primarily based on income limits and family history of homeownership.
Key points
Provides access to 20-year fixed-rate mortgages for eligible first-time, first-generation homebuyers, accelerating debt payoff.
Monthly payments are capped to be similar to standard 30-year mortgage payments, making the shorter term affordable.
Eligibility requires household income generally below 120% of the area median income (140% in high-cost areas).
The program includes outreach and counseling to increase awareness and participation among eligible stakeholders.
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Additional Information
Print number: 118_S_2295
Sponsor: Sen. Warner, Mark R. [D-VA]
Process start date: 2023-07-13
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Summarized by: gemini-2.5-flash-preview-09-2025
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_S_2295.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-13.

What are the main provisions?

Key points include:

  • Provides access to 20-year fixed-rate mortgages for eligible first-time, first-generation homebuyers, accelerating debt payoff.
  • Monthly payments are capped to be similar to standard 30-year mortgage payments, making the shorter term affordable.
  • Eligibility requires household income generally below 120% of the area median income (140% in high-cost areas).
  • The program includes outreach and counseling to increase awareness and participation among eligible stakeholders.
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 2025-12-26.

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Real Estate Benefits