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Dems propose 20-year mortgage for first-gen homebuyers

The raft of legislation designed to spur first-time homeownership in America seems to grow by the minute. Another bill joined the fray, and its sponsors propose creating a new 20-year-fixed-rate mortgage program through Ginnie Mae.

The legislation, dubbed the “Low-income First Time Homebuyer (LIFT) Act,” would create a program through the Department of Housing and Urban Development that would sponsor low fixed-rate 20-year mortgages.

The bill is sponsored by Sens. Mark Warner (D-VA), Tim Kaine (D-VA), Chris Van Hollen (D-MD), Raphael Warnock (D-GA), and Jon Ossoff (D-GA).

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