LIFT Homebuyers Act of 2023

The LIFT Homebuyers Act of 2023 creates a new program to help low-income first-time homebuyers purchase single-family homes. It establishes a government fund to subsidize mortgage payments, capping them at 100-110% of standard 30-year FHA loan payments for eligible buyers earning under 120% of local median income (140% in high-cost areas). The program requires borrowers to self-attest to eligibility - such as being a first-time homebuyer with no parental home ownership history - without additional verification. It applies to mortgages insured by HUD or USDA with case numbers issued by December 2025, aiming to expand access through simplified loan terms and reduced upfront costs.