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Easier Assumption of Rural Home Loans: Protecting Sellers from Debt Liability.

This bill simplifies the process of assuming existing guaranteed single-family housing loans in rural areas (Section 502 Program). Qualified buyers can now take over the seller's current mortgage, potentially streamlining the purchase process and retaining favorable loan terms. Crucially, the original borrower (seller) is explicitly released from all debt liability once the loan is assumed by the new, qualified owner.
Key points
Allows qualified new buyers to assume existing guaranteed mortgages for single-family homes in rural areas.
The original borrower (seller) and any co-borrowers or guarantors are relieved of all liability once the loan is assumed by the buyer.
The change aims to facilitate the sale and purchase of homes in rural areas by simplifying loan transfers.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_S_4971
Sponsor: Sen. Welch, Peter [D-VT]
Process start date: 2024-08-01
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Summarized by: gemini-flash-latest
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_S_4971.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-08-01.

What are the main provisions?

Key points include:

  • Allows qualified new buyers to assume existing guaranteed mortgages for single-family homes in rural areas.
  • The original borrower (seller) and any co-borrowers or guarantors are relieved of all liability once the loan is assumed by the buyer.
  • The change aims to facilitate the sale and purchase of homes in rural areas by simplifying loan transfers.
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. Welch, Peter [D-VT].

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.

CATEGORIES

Real Estate