U.S. Reps. Andy Barr (R-KY) and Vicente Gonzalez (D-TX) are touting legislation that would provide families with another home buying process access point.
The reintroduced Affordable Homeownership Access Act would enable individuals and small businesses to sell their homes directly to a buyer without the fees associated with being a mortgage originator.
“The Affordable Homeownership Access Act is a critical step towards providing a pathway to homeownership for hard working Americans,” Barr said. “By reducing barriers and streamlining processes, we empower individuals and families to achieve their dreams of owning a home.”
Barr said the bill not only addresses the housing and credit challenges many face, but also ensures vital consumer protections are upheld.
Specifically, the legislation would allow real estate owners to engage in seller financing, expanding lending options for homebuyers within their affordable price range, in addition to preserving consumer safeguards.
“Homeownership is a vital pillar to building strong communities and generational wealth,” Gonzalez said. “I am proud to join Congressman Barr to reintroduce the bipartisan Affordable Homeownership Act, which will increase opportunities for South Texans to achieve the American dream. This bill offers another path to homeownership through seller financing, a flexible option that can meet the needs of working-class families without forfeiting critical consumer protections.”
Seller Finance Coalition Co-Founders Bob Repass and Jeff Watson said the bill would provide the opportunity for an eight-fold increase in the capital available to underserved and worthy aspiring homeowners. For generations, seller financing has been a vital mechanism for working class and minority family’s purchasing homes and has allowed thousands of families who would not otherwise be able to own their own home the opportunity to achieve the dream of homeownership.