Five Senators introduced legislation; Low-Income First-Time Homebuyer Act.
According to The Mortgage Report, The Low-Income First-Time Homebuyer (LIFT) Act is currently only a bill. But if it’s passed, it could provide a brand new loan program with cheaper payments and a shorter term. If passed, the LIFT Act will allow certain Americans to accelerate their home-buying plans and start building wealth sooner. It does that by offering 20-year, fixed-rate mortgages that have roughly the same monthly payments as a 30-year mortgage. That means you’d pay off your home faster — but without the higher monthly payments that typically accompany a shorter-term loan. This could provide some much-needed relief for home buyers facing an uphill battle in today’s market.