Establishes a loan program for first-time homebuyers through the American Promise Mortgage Act.

The American Promise Mortgage Act establishes a loan program for first-time homebuyers. Eligible mortgagors can receive loans to purchase a principal residence, including a 1-family dwelling unit in a condominium project. The program requires a minimum 3.5 percent down payment, a 30-year term, and a fixed interest rate. The Secretary of Housing and Urban Development determines the median single-family purchase price for the area, adjusting for differences in structure and new or old housing.

Establishes a loan program for first-time homebuyers through the American Promise Mortgage Act.

The American Promise Mortgage Act establishes a loan program for first-time homebuyers. Eligible mortgagors can receive loans to purchase a principal residence, including a 1-family dwelling unit in a condominium project. The program requires a minimum 3.5 percent down payment, a 30-year term, and a fixed interest rate. The Secretary of Housing and Urban Development determines the median single-family purchase price for the area, adjusting for differences in structure and new or old housing.