# 119-s-5592: American Promise Mortgage Act

119-s-5592, American Promise Mortgage Act, is a 119th Congress bill sponsored by Sen. Merkley, Jeff [D-OR] (D-OR); status introduced; PRIA reads it as touching household money (as of 2026-10-17).

- Canonical: https://policyrisk.com/legislation/119-s-5592
- As of: 2026-10-17
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-5592
- Congress: 119
- Title: American Promise Mortgage Act
- Status: introduced
- Introduced: 2026-09-29
- Sponsor: Sen. Merkley, Jeff [D-OR] (D-OR)
- Cosponsors: 0
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-10-17

## Summary

**A federal loan program for first-time homebuyers** would create a HUD-run mortgage option designed to help new buyers acquire a principal residence with affordable, fixed-rate loans. The bill defines who qualifies, what homes qualify, and lets HUD fund and run the program as needed. - Families and first-time buyers: Eligible borrowers could get mortgages with a minimum 3.5% down payment and long, fixed amortization designed for affordability, including a 30-year term. These loans aim to lower upfront barriers to buying a first home. - Borrower requirements: To qualify an individual must be a first-time homebuyer, hold a Homeownership Promise Account, complete HUD-approved housing counseling, and meet a minimum credit score of 500. These rules shape who the program serves. - Manufactured-home residents: The program would allow financing for permanently affixed manufactured homes and for homes in nonprofit, government, or resident-owned manufactured housing communities with long-term occupancy rights. - Program design and limits: The HUD Secretary would set area median purchase price limits, adjust for housing types, align loans with qualified mortgage standards, and receive appropriations as necessary to implement the program.

## Provisions PRIA read

- New mortgage program for first-time buyers: benefit, high. If enacted, this bill would let qualifying first-time buyers get new American Promise mortgage loans through HUD. You would need to be a first-time homebuyer, hold a Homeownership Promise Account, complete HUD-approved housing counseling, and have a credit score of at least 500 when the loan is exe…

## Related bills

- 119-s-5238: For Our Republic Act
- 119-s-5071: Children's Safe Welcome Act of 2026
- 119-s-5022: Cannabis Administration and Opportunity Act
- 119-s-2838: Protecting Our Democracy Act
- 119-s-2819: Head Start for America's Children Act
- 119-s-5283: Momnibus Act

## Sources
- [119-s-5592 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/5592)

## Related
- [119-s-5238: For Our Republic Act](https://policyrisk.com/legislation/119-s-5238)
- [119-s-5071: Children's Safe Welcome Act of 2026](https://policyrisk.com/legislation/119-s-5071)
- [119-s-5022: Cannabis Administration and Opportunity Act](https://policyrisk.com/legislation/119-s-5022)
- [119-s-2838: Protecting Our Democracy Act](https://policyrisk.com/legislation/119-s-2838)
- [119-s-2819: Head Start for America's Children Act](https://policyrisk.com/legislation/119-s-2819)
- [119-s-5283: Momnibus Act](https://policyrisk.com/legislation/119-s-5283)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-5592 (as of 2026-10-17).