A Democratic bill with no cosponsors
Last activity — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill is known as the American Promise Mortgage Act and was introduced in the Senate on September 29, 2026. It establishes a loan program for first-time homebuyers through the Secretary of Housing and Urban Development. The bill sets definitions for eligible families, homes, loans, mortgagors, and principal residences. It allows the Secretary to make eligible loans to eligible mortgagors to purchase specific types of primary residences. Finally, it authorizes the appropriation of necessary sums to carry out the loan section.
Yes· 3 of 12
- Scored +7
Does this make housing cost less?
The bill establishes a specialized loan program to help first-time homebuyers purchase a principal residence.
- Scored +6
Would people in their twenties and thirties be better off under this?
Young adults who are typically first-time homebuyers benefit directly from the creation of the American Promise Mortgage Act loan program.
- Scored +5
Would households on low incomes be better off under this?
The program helps lower-income or moderate-income individuals overcome down payment hurdles to achieve homeownership.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Homeownership Support: Section 3(a) allows the Secretary to make eligible loans to eligible mortgagors to purchase a 1-family residence, a manufactured home, or a manufactured home in certain communities to serve as a principal residence, which helps people buy their first home.
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Clear Standards for Loans: Section 2(4) defines an eligible loan as having a fixed interest rate sufficient to cover costs, a minimum 3.5 percent down payment, a 30-year term, and a conforming structure, which provides transparency for buyers.
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Counseling and Preparation: Section 2(5) requires an eligible mortgagor to be a first-time homebuyer, hold a Homeownership Promise Account, complete housing counseling, and have a credit score of at least 500, which ensures buyers are prepared.
Potential Negative Impacts for People
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Credit and Account Requirements: Section 2(5) requires individuals to hold a Homeownership Promise Account and maintain a credit score of not less than 500 to qualify as an eligible mortgagor, which could exclude individuals who do not meet these specific criteria.
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Purchase Price Limits: Section 2(3) restricts an eligible home to a purchase price that does not exceed the median single-family purchase price for the area, which might limit home choices for buyers in competitive markets.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would people in their twenties and thirties be better off under this? — Young adults who are typically first-time homebuyers benefit directly from the creation of the American Promise Mortgage Act loan program. Would households on low incomes be better off under this? — The program helps lower-income or moderate-income individuals overcome down payment hurdles to achieve homeownership. Would middle-income households be better off under this? — Middle-class families seeking to buy their first home are primary beneficiaries of the loan program and counseling provisions. Would people in rural areas be better off under this? — Rural residents benefit from provisions explicitly including manufactured housing and resident-owned communities in the loan program. Would people in cities be better off under this? — Urban residents facing competitive housing markets can utilize the loan program structured around area median purchase prices. Would students be better off under this? — Recent graduates entering the workforce can benefit from the first-time homebuyer loan provisions as they look to purchase their first home. Would immigrants be better off under this? — Immigrants who are first-time homebuyers and meet credit criteria can utilize the newly established mortgage program.
- Social Issues And Justice
- Does this make housing cost less? — The bill establishes a specialized loan program to help first-time homebuyers purchase a principal residence. Is this likely to lift people out of poverty? — By facilitating homeownership through targeted loans, the bill helps lower-income families build long-term wealth. Is this likely to reduce homelessness? — Expanding access to homeownership programs can incrementally improve overall housing stability.
- Economy And Finance
- Is this likely to grow the economy? — The bill establishes a mortgage loan program for first-time homebuyers which can stimulate housing market activity.
- Governance And Ideology
- Does this give the federal government more power? — The legislation authorizes the Secretary of Housing and Urban Development to establish and manage a new federal loan program.
- 9/29/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Introduced in Senate