Affordable Homeownership Access Act

This bill would exempt certain property owners who finance the sale of their own homes from federal mortgage loan originator licensing and registration rules. Under the S.A.F.E. Mortgage Licensing Act, the exemption would apply to non-bank sellers who extend credit on no more than 24 residential mortgage loans in a 12-month period, and only on property they own. It would also change the Truth in Lending Act definition of mortgage originator to exclude owner financers who meet conditions, such as fully amortizing loans, a documented good-faith finding that the buyer can repay, and fixed rates or rates that cannot adjust for at least 5 years, including for manufactured homes. The Secretaries of Housing and Urban Development and the Treasury would have one year to study and report to Congress on owner financing.

Full text and official record on Congress.gov

Sponsors

• Andy Barr Republican sponsor
• 4 cosponsors