LIFT Homebuyers Act of 2023
The LIFT Homebuyers Act of 2023 establishes a new program to help low-income first-time homebuyers purchase single-family homes. It creates "LIFT HOME Funds" within HUD and USDA to support mortgage loans with monthly payments capped at 100-110% of standard 30-year loan payments, waiving certain insurance fee requirements for eligible borrowers. The program targets individuals with household incomes at or below 120% (140% in high-cost areas) of local median income who are both first-time homebuyers and first-generation homebuyers (with no family home ownership history). Eligibility relies on borrower attestations, and the program requires mortgage loans to have case numbers issued by December 31, 2025.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jul 2023
Committee Review
Floor Vote
President
Introduced Jul 12, 2023
Last action Jul 12, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jul 12, 2023
Committee
Referred to the House Committee on Financial Services.
lower
Jul 12, 2023
Introduced
Introduced in House
lower
1 primary · 6 co-sponsors
Sponsors
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