H.R. 9514: Homeownership Eligibility Reform Act (119th Congress) Bill Summary

This bill would limit certain federal home loan programs to U.S. citizens only.

What it changes

FHA mortgage insurance: It would change the rules so that a mortgage can only be insured by the Federal Housing Administration if the borrower is a U.S. citizen.
Fannie Mae purchases: It would prohibit Fannie Mae from buying conventional mortgages on one- to four-family homes if the borrower is not a U.S. citizen.
Freddie Mac purchases: It would do the same for Freddie Mac, barring it from buying conventional mortgages on one- to four-family homes if the borrower is not a U.S. citizen.

Practical effect

In plain terms, the bill would make it harder or impossible for non-citizens to use these federal housing finance channels. People who are not U.S. citizens could still potentially obtain mortgages through private lenders, but those loans would not be eligible for FHA insurance or for purchase by Fannie Mae or Freddie Mac under the bill’s new rules.

The bill applies to mortgages for one- to four-family homes and focuses on whether the borrower is a U.S. citizen at the time the mortgage is insured or bought.

Relevant Companies

FNMA - Fannie Mae could be directly affected because the bill would restrict it from purchasing certain mortgages made to non-citizens.
FMCC - Freddie Mac could be directly affected because the bill would restrict it from purchasing certain mortgages made to non-citizens.

This is an AI-generated summary of the bill text. There may be mistakes.