HB 3188 Oregon House · 2025 Regular Session

Relating to guarantees against losses in mortgage loans extended to first-time home buyers; declaring an emergency.

Summary

Directs the [ Department of Consumer and Business Services ] Housing and Community Services Department to establish a program to guarantee against losses in mortgage loans that lenders extend to first-time home buyers. Specifies which mortgage loans qualify for the guarantee and the qualifications and duties of first-time home buyers. Specifies circumstances under which a lender may make a claim and documentation a lender must provide as support for the claim. Establishes the Welcome Home Assistance Program Fund and appropriates moneys in the fund to the department to carry out the purposes of the Act. Declares an emergency, effective on passage.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 13, 2025 Last action Jun 28, 2025

Maddy AI version diff · 1 comparison

What changed between versions

Introduced → A-Engrossed · 5 edits

MODERATE

The bill was amended to expand which lenders can participate in the home loan guarantee program, change the guarantee amount from 20% to 5% of the purchase price, and update income eligibility thresholds and interest rate comparison standards. These changes broaden lender participation while reducing the state's financial exposure per loan and aligning eligibility criteria with federal housing finance standards.

Scope change

Expanded from only credit unions to include both credit unions and banking institutions as eligible lenders.

ELIGIBILITY

Changed eligible lenders from credit unions only to include both credit unions and banking institutions.

Adjusted first-time home buyer income limit from 130% of median household income to 120% of qualifying income determined by Federal Housing Finance Agency.

FISCAL

Reduced the maximum guarantee amount from 20% to 5% of the purchase price of a dwelling.

REQUIREMENT

Updated interest rate comparison standard to reference rates for loans eligible for sale to Fannie Mae or Freddie Mac rather than Federal National Mortgage Association guidelines.

DEFINITION

Changed the department name from Department of Consumer and Business Services to Housing and Community Services Department.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jun 28, 2025

Lower · Passed

In committee upon adjournment.

lower

Mar 31, 2025

Committee

Referred to Ways and Means by prior reference.

lower

Mar 31, 2025

Lower · Passed

Recommendation: Do pass with amendments, be printed A-Engrossed, and be referred to Ways and Means by prior reference.

lower

Feb 6, 2025

Committee

Referred to Housing and Homelessness by order of Speaker and then Ways and Means by prior reference.

lower

Feb 6, 2025

Committee

Without recommendation as to passage, be referred to Housing and Homelessness, and then to Ways and Means by prior reference.

lower

Jan 17, 2025

Committee

Referred to Commerce and Consumer Protection with subsequent referral to Ways and Means.

lower

Jan 13, 2025

Introduced

First reading. Referred to Speaker's desk.

lower

4 primary · 7 co-sponsors