S. 4971, known as the "Rural Homeownership Continuity Act of 2024," proposes changes to the Housing Act of 1949. It allows individuals to assume existing guaranteed loans under the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program when acquiring...
Simple Explanation
The bill is like a rule that lets people take over a special kind of house loan from someone else when they buy that person's house, and it makes sure the original person isn't responsible for the loan anymore if it's done right. It also means the person in charge has to make sure everything with the loan stays the same and fair when it's passed on.