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US HB5728
Bill
Status
Introduced
10/10/2025
Primary Sponsor
Jim Costa
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AI Summary
- Amends the Housing Act of 1949 to allow assumption of USDA Section 502 Single Family Housing Loan Guarantees when property is transferred to a qualified buyer
- Releases original borrowers, co-borrowers, and guarantors from liability when a loan is assumed by a new qualified individual
- Requires the Secretary of Agriculture to ensure assumptions include transfer of all obligations, rights, and interests under the original loan terms
- Applies only to loans guaranteed on or after the date of enactment
- Authorizes the Secretary of Agriculture to issue rules allowing loan servicers to charge borrowers fees for transaction costs associated with loan assumptions
Legislative Description
Rural Homeownership Continuity Act of 2025
Last Action
Referred to the House Committee on Financial Services.
10/10/2025
Committee Referrals
Financial Services10/10/2025
Full Bill Text
No bill text available