,,ii  #aaith ,,congress  #b;d ,session  
,s4 #eeib  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #bi1
 #bjbf,mr4 ,merkley introduced the      
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to establish a loan program for
 first-time homebuyers1 and for other   
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,american ,promise  
,mortgage ,act4  #b4 ,definitions ,in   
this ,act3 7#a7 ,first-time homebuyer   
,the term first-time homebuyer means an 
individual who has never owned a        
principal residence4  7#b7 ,eligible    
family ,the term eligible family means  
#a or #b individuals4  7#c7 ,eligible   
home ,the term eligible home means a    
principal residence acquired by an      
eligible family at a purchase price1 not
 including closing costs1 that does not 
exceed the median single-family purchase
 price for the area as determined by the
 ,secretary with such adjustments for   

differences in structure1 and for new   
and old housing as the ,secretary       
determines to be appropriate4  7#d7     
,eligible loan ,the term eligible loan  
means a mortgage loan-- 7,a7 with a     
fixed interest rate that is not more    
than the rate that is sufficient to     
cover the cost1 as defined in section   
#ejb7e7 of the ,federal ,credit ,reform 
,act 7#b ,u4,s4,c4 #ffa;a7#e771 of      
making the loan under this section2     
7,b7 with a minimum #c4e percent down   
payment2  7,c7 with a #cj-year term2    
7,d7 that is secured by an eligible     
home2 and  7,e7 that shall conform to   
the greatest extent practicable with the
 definition of a qualified mortgage     
under section #abi;,c7b77#b77;,a7 of the
 ,truth in ,lending ,act 7#ae ,u4,s4,c4 
#afci;c7b77#b77;,a774  7#e7 ,eligible   
mortgagor ,the term eligible mortgagor  
means an individual seeking an eligible 
loan who1 at the time the eligible loan 
is executed-- 7,a7 is a first-time      
homebuyer2  7,b7 is a holder of a       

,homeownership ,promise ,account2  7,c7 
has completed a program of housing      
counseling provided through a housing   
counseling agency approved by the       
,secretary2 and  7,d7 has a credit score
 of not less than #ejj4  7#f7 ,principal
 residence ,the term principal residence
 means a dwelling that is-- 7,a7        
physically occupied by an eligible      
family on a permanent basis2 and  7,b7  
the address of record for the eligible  
family for ,federal income tax          
reporting1 voter registration1 or       
occupational licensing1 if applicable4  
7#g7 ,secretary ,the term ,secretary    
means the ,secretary of ,housing and    
,urban ,development4  #c4 ,american     
,promise ,mortgage ,loan  7a7           
,establishment ,the ,secretary may make 
eligible loans to eligible mortgagors   
to-- 7#a7 purchase a #a-;family         
residence1 including a #a-;family       
dwelling unit in a condominium project1 
to serve as a principal residence of the
 mortgagor1 as attested by the          

mortgagor2  7#b7 purchase a principal   
residence of the mortgagor1 as attested 
by the mortgagor1 which-- 7,a7 is a     
manufactured home to be permanently     
affixed to a lot that is owned by the   
mortgagor and titled as real property2  
or  7,b7 is a manufactured home and a   
lot to which the home will be           
permanently affixed that is titled as   
real property2 or  7#c7 purchase a      
principal residence of the mortgagor1 as
 attested by the mortgagor1 which-- 7,a7
 is a manufactured home located in      
nonprofit1 government1 or resident-owned
 manufactured housing community2 and    
7,b7 includes a lease term that exceeds 
the manufactured house loan term or     
includes a perpetual right to occupy the
 site4  7b7 ,authorization of           
appropriations ,there are authorized to 
be appropriated such sums as may be     
necessary to carry out this section4