# Virginia HB304: Conventional home mortgage loans; assumption provisions.

Virginia HB304, Conventional home mortgage loans; assumption provisions., is a 2026 Regular Session House bill sponsored by Richard C. "Rip" Sullivan, Jr. (Democratic); status signed, last action 2026-04-13 (Acts of Assembly Chapter text (CHAP0962)); PRIA reads it as touching household money (as of 2026-10-12).

- Canonical: https://policyrisk.com/state-bill/VA-HB304-2026
- As of: 2026-10-12
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Virginia HB304
- State: Virginia
- Session: 2026 Regular Session
- Title: Conventional home mortgage loans; assumption provisions.
- Status: signed
- Chamber: House
- Introduced: 2026-01-09
- Last action: 2026-04-13, Acts of Assembly Chapter text (CHAP0962)
- Sponsor: Richard C. "Rip" Sullivan, Jr. (Democratic)
- Cosponsors: 0
- Touches household money: yes
- Roll calls: 8 (321 yes, 1 no in all)
- Economic provisions PRIA read: 2

## 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.

## Bill overview: provisions PRIA read

- Buy out spouse by assuming mortgage: benefit, medium. 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 noti…
- Right to mortgage assumption details fast: mixed, low. 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 k…

## Sponsors and cosponsors

- Sponsor: Richard C. "Rip" Sullivan, Jr. (Democratic), House

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2026-02-26 | Senate | Passed Senate Block Vote | pass | 40 | 0 |   |
| 2026-02-25 | Senate | Constitutional reading dispensed Block Vote (on 2nd reading) | pass | 40 | 0 |   |
| 2026-02-25 | Senate | Passed by for the day Block Vote (Voice Vote) | pass | 0 | 0 |   |
| 2026-02-23 | Senate | Reported from Commerce and Labor | pass | 15 | 0 |   |
| 2026-02-04 | House | Read third time and passed House Block Vote | pass | 97 | 1 |   |
| 2026-02-04 | House | Passed House Block Vote | pass | 98 | 0 |   |
| 2026-01-29 | House | Reported from Labor and Commerce with amendment(s) | pass | 22 | 0 |   |
| 2026-01-27 | House | Subcommittee recommends reporting with amendment(s) | pass | 9 | 0 |   |

## Actions (32)

- 2026-04-13: Acts of Assembly Chapter text (CHAP0962) (Governor)
- 2026-04-13: Approved by Governor-Chapter 962 (effective 7/1/2026) (Governor)
- 2026-03-10: Governor's Action Deadline 11:59 p.m., April 13, 2026 (Governor)
- 2026-03-10: Enrolled Bill communicated to Governor on March 10, 2026 (House)
- 2026-03-05: Fiscal Impact Statement from State Corporation Commission (HB304) (House)
- 2026-03-03: Bill text as passed House and Senate (HB304ER) (House)
- 2026-03-03: Enrolled (House)
- 2026-03-03: Signed by President (Senate)
- 2026-03-03: Signed by Speaker (House)
- 2026-02-26: Passed Senate Block Vote (40-Y 0-N 0-A) (Senate)
- 2026-02-26: Read third time (Senate)
- 2026-02-25: Passed by for the day Block Vote (Voice Vote) (Senate)
- 2026-02-25: Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A) (Senate)
- 2026-02-25: Rules suspended (Senate)
- 2026-02-23: Reported from Commerce and Labor (15-Y 0-N) (Senate)
- 2026-02-05: Fiscal Impact Statement from State Corporation Commission (HB304) (House)
- 2026-02-05: Referred to Committee on Commerce and Labor (Senate)
- 2026-02-05: Constitutional reading dispensed (on 1st reading) (Senate)
- 2026-02-04: Passed House Block Vote (98-Y 0-N 0-A) (House)
- 2026-02-04: Reconsideration of passage agreed to by House (House)
- 2026-02-04: Read third time and passed House Block Vote (97-Y 1-N 0-A) (House)
- 2026-02-03: Engrossed by House as amended (House)
- 2026-02-03: committee amendments agreed to (House)
- 2026-02-03: Read second time (House)
- 2026-02-02: Read first time (House)
- 2026-01-29: Reported from Labor and Commerce with amendment(s) (22-Y 0-N) (House)
- 2026-01-27: House subcommittee offered (House)
- 2026-01-27: Subcommittee recommends reporting with amendment(s) (9-Y 0-N) (House)
- 2026-01-19: Fiscal Impact Statement from State Corporation Commission (HB304) (House)
- 2026-01-19: Assigned HCL sub: Subcommittee #1 (House)
- 2026-01-09: Referred to Committee on Labor and Commerce (House)
- 2026-01-09: Prefiled and ordered printed; Offered 01-14-2026 26101895D (House)

## Bill text

- Chaptered, 2026-04-13: [HTML](https://lis.blob.core.windows.net/files/1224777.HTML), [PDF](https://lis.blob.core.windows.net/files/1224776.PDF)
- Enrolled, 2026-03-03: [HTML](https://lis.blob.core.windows.net/files/1187053.HTML), [PDF](https://lis.blob.core.windows.net/files/1187052.PDF)
- Engrossed, 2026-02-03: [HTML](https://lis.blob.core.windows.net/files/1104989.HTML), [PDF](https://lis.blob.core.windows.net/files/1104988.PDF)
- Amendment, 2026-01-29: [HTML](https://lis.blob.core.windows.net/files/1103456.HTML)
- Amendment, 2026-01-28: [HTML](https://lis.blob.core.windows.net/files/1098945.HTML)
- Amendment, 2026-01-27: [HTML](https://lis.blob.core.windows.net/files/1098436.HTML)
- Introduced, 2026-01-09: [HTML](https://lis.blob.core.windows.net/files/1083771.HTML), [PDF](https://lis.blob.core.windows.net/files/1083770.PDF)

## Related bills

- HB5: Employment; paid sick leave, civil penalties. (signed)
- SB199: Employment; paid sick leave, civil penalties. (signed)
- HB95: Va. Residential Landlord and Tenant Act; landlord remedies, noncompliance with rental agreement. (signed)
- HB1393: Electric utilities; pilot program for energy assistance and weatherization for certain individuals. (signed)
- HB834: Virginia Residential Landlord and Tenant Act; fire or casualty damage, termination by landlord. (signed)
- HB675: Protection of employees; coercion or threat based on immigration status, civil penalty. (signed)

## Sources
- [Chaptered (HTML)](https://lis.blob.core.windows.net/files/1224777.HTML)
- [Chaptered (PDF)](https://lis.blob.core.windows.net/files/1224776.PDF)
- [Enrolled (HTML)](https://lis.blob.core.windows.net/files/1187053.HTML)
- [Enrolled (PDF)](https://lis.blob.core.windows.net/files/1187052.PDF)
- [Engrossed (HTML)](https://lis.blob.core.windows.net/files/1104989.HTML)
- [Engrossed (PDF)](https://lis.blob.core.windows.net/files/1104988.PDF)
- [Amendment (HTML)](https://lis.blob.core.windows.net/files/1103456.HTML)
- [Amendment (HTML)](https://lis.blob.core.windows.net/files/1098945.HTML)
- [Amendment (HTML)](https://lis.blob.core.windows.net/files/1098436.HTML)
- [Introduced (HTML)](https://lis.blob.core.windows.net/files/1083771.HTML)
- [Introduced (PDF)](https://lis.blob.core.windows.net/files/1083770.PDF)

## Related
- [HB5: Employment; paid sick leave, civil penalties.](https://policyrisk.com/state-bill/VA-HB5-2026)
- [SB199: Employment; paid sick leave, civil penalties.](https://policyrisk.com/state-bill/VA-SB199-2026)
- [HB95: Va. Residential Landlord and Tenant Act; landlord remedies, noncompliance with…](https://policyrisk.com/state-bill/VA-HB95-2026)
- [HB1393: Electric utilities; pilot program for energy assistance and weatherization for…](https://policyrisk.com/state-bill/VA-HB1393-2026)
- [HB834: Virginia Residential Landlord and Tenant Act; fire or casualty damage, terminat…](https://policyrisk.com/state-bill/VA-HB834-2026)
- [HB675: Protection of employees; coercion or threat based on immigration status, civil…](https://policyrisk.com/state-bill/VA-HB675-2026)
- [Virginia bills](https://policyrisk.com/states/virginia/bills)
- [Virginia state hub](https://policyrisk.com/states/virginia)
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Source: PRIA, https://policyrisk.com/state-bill/VA-HB304-2026 (as of 2026-10-12).