Co-sponsored by Sens. Mark Warner (D-Va.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Tim Kaine (D-Va.) and Jon Ossoff (D-Ga.), the Low-Income First Time Homebuyers Act is billed as a way to help lower-income families, especially families of color, build sustainable wealth.
Under the program, the Treasury Department would work through Ginnie Mae to subsidize the interest rate and origination fees of these 20-year mortgages so the monthly payment would be competitive with a new 30-year mortgage insured by the Federal Housing Administration.
