20-Year Mortgage For First-Gen Homebuyers & DOWN Payment Assistance from Nevada Housing Authority

Dated: October 6 2021

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The raft of legislation designed to spur first-time homeownership in America seems to grow by the minute. Another bill has joined the fray, and its sponsors propose creating a new 20-year-fixed-rate mortgage program through Ginnie Mae.

The legislation, dubbed the “Low-income First Time Homebuyer (LIFT) Act,” would create a program through the Department of Housing and Urban Development that would sponsor low fixed-rate 20-year mortgages.

The bill is sponsored by Sens. Mark Warner (D-VA), Tim Kaine (D-VA), Chris Van Hollen (D-MD), Raphael Warnock (D-GA), and Jon Ossoff (D-GA).

To qualify, one would have to be a first-time, first-generation homebuyer, with an income equal to or less than 120% of the area median income.

In the past couple of months two versions of the $15,000 first-time homebuyer tax credit and Rep. Maxine Waters’ (D-CA) Down Payment Towards Equity Act of 2021 were introduced as alternatives for addressing housing inequity.

The response from some fair housing advocates to the LIFT Act has been lukewarm so far. Some sources expressed worry that if significant money is allocated to this program, funding for Rep. Maxine Waters’ down payment assistance bill – a favorite among fair housing advocates – might not come.

Dave Stevens, former FHA commissioner, said in an interview with HousingWire that Warner’s bill has the potential of getting traction in Congress.

This first-time homebuyer bill has a “unique combination of Republicans and Democrats that have aligned on how this thing can work,” Stevens said.

Additionally, the legislation is “very limited” and specifically geared towards first-generation homebuyers, addressing worries of a bill being too broad, resulting in minority homebuyers getting pushed out of purchasing a home.

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Dan French

A Southern CA transplant, Dan has over 11 years in home financing with a multi-faceted background in lending and Real Estate. I have The main objective of providing the highest level of customer servi....

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