First Time Homebuyer Debt Reduction Act

This bill would require the Federal Housing Finance Agency, within 30 days of the law taking effect, to direct Fannie Mae and Freddie Mac to treat certain payments toward a homebuyer's federal student loans as a financial concession. These are payments made by an interested party in a home sale, such as a seller or builder, toward the buyer's federal student loan. The bill applies to newly built homes that will be the buyer's main residence. Any part of such a payment above $25,000 would instead be classified as a sales concession.

Full text and official record on Congress.gov

Sponsors

• Jeff Crank Republican sponsor
• 0 cosponsors