First Time Homebuyer Debt Reduction Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 10084 Introduced in House (IH)]

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119th CONGRESS 2d Session H. R. 10084

To require that certain payments to Federal student loans to the buyer of a home be classified as a financial concession by the Federal National Mortgage Association and the Federal Home Loan Mortgage Association.

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IN THE HOUSE OF REPRESENTATIVES

August 13, 2026

Mr. Crank introduced the following bill; which was referred to the Committee on Financial Services

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A BILL

To require that certain payments to Federal student loans to the buyer of a home be classified as a financial concession by the Federal National Mortgage Association and the Federal Home Loan Mortgage Association.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``First Time Homebuyer Debt Reduction Act''.

SEC. 2. CLASSIFICATION OF STUDENT LOAN PAYMENT AS A FINANCIAL CONCESSION.

(a) In General.--Not later than 30 days after the enactment of this Act, the Director of the Federal Housing Finance Agency shall require the enterprises to classify a covered payment as a financial concession with respect to an interested party contribution in the sale of a home, subject to the limitation described in subsection (b). (b) Limitation.--A portion of a covered payment that is in excess of $25,000 shall be classified as a sales concession. (c) Definitions.--In this Act: (1) Enterprises.--The term ``enterprises'' means-- (A) the Federal National Mortgage Association; and (B) the Federal Home Loan Mortgage Association. (2) Covered payment.--The term ``covered payment'' means a payment towards a student loan, as defined in Title IV of the Higher Education Act, by an interested party to the buyer of a home. (3) Home.--Newly constructed principal residence of the buyer of a home. <all>