VirginiaHB3042026 Regular SessionHouseWALLET

Conventional home mortgage loans; assumption provisions.

Sponsored By: Jen Kiggans - to resign 12/31 (Republican)

Became Law

Summary

Conventional home mortgage loans; assumption provisions. Requires any lender for any conventional home mortgage loan secured on or after July 1, 2026, by a mortgage or deed of trust on owner-occupied residential real estate located in the Commonwealth to include provisions in such loan to allow for any of the existing borrowers to purchase the property interest of another borrower on the loan by assuming the seller's portion of the mortgage in connection with a decree of annulment or divorce if the assuming borrower qualifies for the underlying loan, as determined by the lender.

Your PRIA Score

Score Hidden

Personalized for You

How does this bill affect your finances?

Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.

Free to start

Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

Buy out spouse by assuming mortgage

Beginning July 1, 2026, new conventional home loans on Virginia owner‑occupied 1–4 unit homes must include a divorce buyout option. An existing borrower can buy the other borrower’s share by assuming that part of the mortgage, if they qualify under the lender’s rules. Lenders must give written notice of this assumption option within three days after receiving a completed loan application. The rule does not cover federally insured or guaranteed loans, or loans already required to be assumable in a divorce.

Right to mortgage assumption details fast

If you live in a 1–4 unit Virginia home with a mortgage, you can ask in writing if a buyer can assume your loan. The holder must answer in writing within 10 business days. If assumption is allowed, the reply must list the interest rate, escrow balance, fees for seller and buyer, limits, and other key terms. The lender must say how long the terms are good. A second or later request about the same loan within 12 months can cost up to $15, paid in advance.

Sponsors & Cosponsors

Sponsor

  • Jen Kiggans - to resign 12/31

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 321 • No: 1

Senate vote 2/26/2026

Passed Senate Block Vote

Yes: 40 • No: 0

Senate vote 2/25/2026

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 40 • No: 0

Senate vote 2/25/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 2/23/2026

Reported from Commerce and Labor

Yes: 15 • No: 0

House vote 2/4/2026

Passed House Block Vote

Yes: 98 • No: 0

House vote 2/4/2026

Read third time and passed House Block Vote

Yes: 97 • No: 1

House vote 1/29/2026

Reported from Labor and Commerce with amendment(s)

Yes: 22 • No: 0

House vote 1/27/2026

Subcommittee recommends reporting with amendment(s)

Yes: 9 • No: 0 • Other: 1

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0962)

    4/13/2026Governor
  2. Approved by Governor-Chapter 962 (effective 7/1/2026)

    4/13/2026Governor
  3. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/10/2026Governor
  4. Enrolled Bill communicated to Governor on March 10, 2026

    3/10/2026House
  5. Fiscal Impact Statement from State Corporation Commission (HB304)

    3/5/2026House
  6. Bill text as passed House and Senate (HB304ER)

    3/3/2026House
  7. Enrolled

    3/3/2026House
  8. Signed by President

    3/3/2026Senate
  9. Signed by Speaker

    3/3/2026House
  10. Passed Senate Block Vote (40-Y 0-N 0-A)

    2/26/2026Senate
  11. Read third time

    2/26/2026Senate
  12. Passed by for the day Block Vote (Voice Vote)

    2/25/2026Senate
  13. Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)

    2/25/2026Senate
  14. Rules suspended

    2/25/2026Senate
  15. Reported from Commerce and Labor (15-Y 0-N)

    2/23/2026Senate
  16. Fiscal Impact Statement from State Corporation Commission (HB304)

    2/5/2026House
  17. Referred to Committee on Commerce and Labor

    2/5/2026Senate
  18. Constitutional reading dispensed (on 1st reading)

    2/5/2026Senate
  19. Passed House Block Vote (98-Y 0-N 0-A)

    2/4/2026House
  20. Reconsideration of passage agreed to by House

    2/4/2026House
  21. Read third time and passed House Block Vote (97-Y 1-N 0-A)

    2/4/2026House
  22. Engrossed by House as amended

    2/3/2026House
  23. committee amendments agreed to

    2/3/2026House
  24. Read second time

    2/3/2026House
  25. Read first time

    2/2/2026House

Bill Text

Related Bills

Back to State Legislation