First Time Homebuyer Debt Reduction Act
Sponsored By: Representative Crank, Jeff [R-CO-5]
Introduced
Summary
Reclassifying student-loan payments in new home sales as a capped financial concession. This bill would require the Federal Housing Finance Agency to direct Fannie Mae and Freddie Mac to treat interested-party payments toward a buyer's student loans for a newly constructed principal residence under a two-tier classification.
Personalized for You
How does this bill affect your finances?
Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Cap on student loan payments for homebuyers
If enacted, the FHFA Director would require Fannie Mae and Freddie Mac to classify certain third‑party student‑loan payments in a new way. A "covered payment" would be a payment toward a Title IV student loan made by an interested party to the buyer of a newly constructed principal residence. Up to $25,000 of a covered payment would be treated as a financial concession. Any portion above $25,000 would be treated as a sales concession. The Director must issue this directive not later than 30 days after enactment. The bill does not define the term "interested party."
Sponsors & CoSponsors
Sponsor
Crank, Jeff [R-CO-5]
CO • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov