With a lack of affordable housing being a major contributor to the nation’s homelessness crisis, U.S. Rep. Andy Barr (R-KY) recently proposed a bipartisan bill that would exempt small seller financers from certain licensing requirements so that they could sell people’s 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,” Rep. Barr said. “By reducing barriers and streamlining processes, we empower individuals and families to achieve their dreams of owning a home.”
The Affordable Homeownership Access Act, H.R. 3464, which Rep. Barr introduced on May 18 alongside three original cosponsors, including U.S. Rep. Vicente Gonzalez (D-TX), would allow real estate owners to engage in seller financing, expanding lending options for homebuyers within their affordable price range, all while preserving important consumer safeguards, according to a bill summary provided by the lawmakers.
The bill aims to enhance accessibility for both sellers and buyers while upholding necessary regulatory frameworks, the summary says.
“This legislation not only addresses the housing and credit challenges faced by many, but also ensures that vital consumer protections are upheld,” said Rep. Barr. “I am proud to champion this initiative, as it promotes economic mobility and strengthens our communities.”
Rep. Gonzalez said he is proud to join Rep. Barr on introducing H.R. 3464, which he said 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,” he said.
The Seller Finance Coalition supports the bill, which has been referred to the U.S. House Financial Services Committee for consideration.
“The private capital provided by seller financers can help solve the affordable homeownership crisis without any cost or risk to the taxpayers,” Bob Repass and Jeff Watson, co-founders of the Seller Finance Coalition, said in a joint statement.