HUD can lend money to first-time homebuyers to buy homes.
S. 5592 — American Promise Mortgage Act · Filed by Jeff Merkley (D-OR) · Introduced Sep 29, 2026 · Referred to committee
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What it does
The bill lets HUD make home loans directly to first-time homebuyers. Borrowers must have a credit score of at least 500. They must take a housing class and have a Homeownership Promise Account. They must put down 3.5% of the home price. The home price must be at or below the area median price. Loans have fixed rates and 30-year terms.
Who it affects
First-time homebuyers can get federally-backed mortgages with fixed rates. They need a 3.5% down payment. The program is open to anyone who has never owned a home.
One thing to notice
The bill does not say how many loans HUD can make. It does not say what happens if borrowers cannot pay back loans. It does not say how much the program will cost.
From the analysis of the bill text, linked under Primary records below.
Where it stands
- Sep 29, 2026 — Introduced · Congress.gov: “Introduced in Senate”
- Sep 29, 2026 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- first-time homebuyers — People who have never owned a home before.
- credit score — A number that shows how well someone pays back borrowed money.
- area median — The middle price of homes sold in a neighborhood or region.
- Homeownership Promise Account — An account required to get a loan under this program.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (3,084 characters) on Oct 15, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-10-20.
“HUD can lend money to first-time homebuyers to buy homes.” QuorumCivic. https://share.quorumcivic.app/bill/119/s5592/simple Report an error
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