June 10, 2024

Joint Trades Letter on First Generation Homebuyer Definition

ICBA and other groups submitted comments to the Federal Housing Finance Agency on 2024 updates to the Enterprises Equitable Housing Finance Plans, including a new proposal that seeks to define and benefit first-generation homebuyers.

The groups said they support efforts to serve this group of borrowers, but they emphasized that policymakers should appropriately define what it means to be a first-generation homebuyer and that there needs to be clear and frictionless operational processes that allow lenders to effectively serve and reach these borrowers.