U.S. Rep. Rich McCormick, R-GA, says he wants to expand homeownership opportunities for all families. Late last week he introduced the “Own Not Rent Act” (H.R. 10784), legislation that would allow state governments to guarantee portions of mortgages that would result in smaller down payments without mortgage insurance. McCormick says this would help first-time homebuyers save for a down payment, reduce financial barriers, and incentivize the construction of new homes.
“The fact that the median age of a first-time homebuyer has reached 40 years old is unacceptable. Hardworking Americans are doing everything right, yet the dream of owning a home remains out of reach,” said McCormick. “Homeownership is one of the most important ways families build financial security and generational wealth.
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