,,ii  #aai? ,,congress  #b;d ,session   
,s4 #eeib  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bi1         
#bjbf,mr4 ,m]kley introduc$ ! foll[+    
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,a ,,bill  ,to e/abli% a loan 
program = fir/-"t homebuy]s1 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,am]ican ,promise ,mortgage
 ,act4  #b4 ,def9itions ,9 ?is ,act3    
7#a7 ,fir/-"t homebuy] ,! t]m fir/-"t   
homebuy] means an individual :o has nev]
 own$ a pr9cipal resid5ce4  7#b7        
,eligible family ,! t]m eligible family 
means #a or #b individuals4  7#c7       
,eligible home ,! t]m eligible home     
means a pr9cipal resid5ce acquir$ by an 
eligible family at a pur*ase price1 n   
includ+ clos+ co/s1 t does n exce$ !    
m$ian s+le-family pur*ase price = ! area
 z det]m9$ by ! ,secret>y ) su*         
adju/m5ts = diff]5ces 9 /ructure1 & =   
new & old h\s+ z ! ,secret>y det]m9es to
 be appropriate4  7#d7 ,eligible loan ,!

 t]m eligible loan means a mortgage     
loan-- 7,a7 ) a fix$ int]e/ rate t is n 
m ?an ! rate t is suffici5t to cov] !   
co/1 z def9$ 9 section #ejb7e7 ( !      
,f$]al ,cr$it ,re=m ,act 7#b ,u4,s4,c4  
#ffa;a7#e771 ( mak+ ! loan "u ?is       
section2  7,b7 ) a m9imum #c4e p]c5t d[n
 paym5t2  7,c7 ) a #cj-ye> t]m2  7,d7 t 
is secur$ by an eligible home2 &  7,e7 t
 %all con=m to ! greate/ ext5t          
practicable ) ! def9ition ( a qualifi$  
mortgage "u section #abi;,c7b77#b77;,a7 
( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4   
#afci;c7b77#b77;,a774  7#e7 ,eligible   
mortgagor ,! t]m eligible mortgagor     
means an individual seek+ an eligible   
loan :o1 at ! "t ! eligible loan is     
execut$-- 7,a7 is a fir/-"t homebuy]2   
7,b7 is a hold] ( a ,home[n]%ip ,promise
 ,acc\nt2  7,c7 has complet$ a program (
 h\s+ c\nsel+ provid$ ?r\gh a h\s+      
c\nsel+ ag5cy approv$ by ! ,secret>y2 & 
7,d7 has a cr$it score ( n less ?an     
#ejj4  7#f7 ,pr9cipal resid5ce ,! t]m   
pr9cipal resid5ce means a dwell+ t is-- 

7,a7 physically occupi$ by an eligible  
family on a p]man5t basis2 &  7,b7 !    
address ( record = ! eligible family =  
,f$]al income tax report+1 vot]         
regi/ration1 or occupational lic5s+1 if 
applicable4  7#g7 ,secret>y ,! t]m      
,secret>y means ! ,secret>y ( ,h\s+ &   
,urban ,developm5t4  #c4 ,am]ican       
,promise ,mortgage ,loan  7a7           
,e/abli%m5t ,! ,secret>y may make       
eligible loans to eligible mortgagors   
to-- 7#a7 pur*ase a #a-;family resid5ce1
 includ+ a #a-;family dwell+ unit 9 a   
condom9ium project1 to s]ve z a pr9cipal
 resid5ce ( ! mortgagor1 z atte/$ by !  
mortgagor2  7#b7 pur*ase a pr9cipal     
resid5ce ( ! mortgagor1 z atte/$ by !   
mortgagor1 :i*-- 7,a7 is a manufactur$  
home to be p]man5tly affix$ to a lot t  
is own$ by ! mortgagor & titl$ z real   
prop]ty2 or  7,b7 is a manufactur$ home 
& a lot to :i* ! home w be p]man5tly    
affix$ t is titl$ z real prop]ty2 or    
7#c7 pur*ase a pr9cipal resid5ce ( !    
mortgagor1 z atte/$ by ! mortgagor1     

:i*-- 7,a7 is a manufactur$ home locat$ 
9 nonpr(it1 gov]nm5t1 or resid5t-own$   
manufactur$ h\s+ community2 &  7,b7     
includes a lease t]m t exce$s !         
manufactur$ h\se loan t]m or includes a 
p]petual "r to occupy ! site4  7b7      
,au?orization ( appropriations ,!re are 
au?oriz$ to be appropriat$ su* sums z   
may be necess>y to c>ry out ?is section4