Transfer over FHA loans. Proposed 20-year mortgage targets first-time homebuyers with low incomes.
A group of Democratic Senators has proposed a new 20-year mortgage aimed at low-income first-time home buyers – with the goal of building equity quickly.
Senators Mark R. Warner. D-Va., Chris Van Hollen, D-Md., Rev. Raphael Warnock, D-Ga. and Jon Ossoff, D-Ga., members of the Senate Banking, Housing, and Urban Affairs Committee, along with Senator Tim Kaine, D-Va., introduced the Low Income First Time Home Buyer Bill, which includes a new 20-year loan for first-time home buyers from Homes with a median income of 120% or less than the median income of their region.
“Too many of our neighbors have been excluded from our country’s housing market for too long and have been unable to build up equity and security after buying and moving into their first home,” said Warnock in a press release announcing the law. “Home equity accumulation is one of the best ways to build generational wealth for hardworking families in Georgia and across the country, and to bridge the racial wealth gap.
Read the full story on cleveland.com’s sister site, the Cleveland Business Journal.