U.S. Congress legislation · 119th Congress
SB5592: American Promise Mortgage Act
Status: In committee, September 29, 2026
A bill to establish a loan program for first-time homebuyers, and for other purposes.
What the bill says
To establish a loan program for first-time homebuyers, and for other purposes.
From the introduced text, September 29, 2026:
A BILL To establish a loan program for first-time homebuyers, and for other purposes. SECTION 1. Short title This Act may be cited as the American Promise Mortgage Act . SECTION 2. Definitions In this Act: (1) First-time homebuyer The term first-time homebuyer means an individual who has never owned a principal residence. (2) Eligible family The term eligible family means 1 or 2 individuals. (3) Eligible home The term eligible home means a principal residence acquired by an eligible family at a purchase price, not including closing costs, that does not exceed the median single-family purchase price for the area as determined by the Secretary with such adjustments for differences in structure, and for new and old housing as the Secretary determines to be appropriate. (4) Eligible loan The term eligible loan means a mortgage loan-- (A) with a fixed interest rate that is not more than the rate that is sufficient to cover the cost, as defined in section 502(5) of the Federal Credit Reform Act ( 2 U.S.C. 661a(5) ), of making the loan under this section; (B) with a minimum 3.5 percent down payment; (C) with a 30-year term; (D) that is secured by an eligible home; and (E) that shall conform to the greatest extent practicable with the definition of a qualified mortgage under section …
Sponsors
- Merkley, Jeff (D, SD-OR) · primary sponsor
Latest actions
- : Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- : Introduced in Senate
Subjects: Finance and Financial Sector
Common questions
- What is SB5592?
- SB5592 is a bill in Congress (119th Congress): American Promise Mortgage Act.
- What does SB5592 do?
- In its own words: To establish a loan program for first-time homebuyers, and for other purposes.
- What is the status of SB5592?
- In committee as of September 29, 2026. Latest action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (September 29, 2026).
- Who sponsored SB5592?
- Merkley, Jeff (D, SD-OR).
- Where is the official record for SB5592?
- On the Congress website: https://www.congress.gov/bill/119th-congress/senate-bill/5592
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.