Rural Homeownership Continuity Act of 2024

HR 9814, the Rural Homeownership Continuity Act of 2024, simplifies the process for rural homeowners to transfer FHA-guaranteed mortgages when selling their homes. It requires the Secretary of Housing and Urban Development to create a rule within one year establishing a process allowing a qualified buyer to assume the existing loan, while fully relieving the original borrower and any co-borrowers or guarantors of liability. This directly affects rural homeowners using the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program who wish to sell their property without remaining responsible for the mortgage. The key provision eliminates the seller's ongoing financial obligation upon a successful transfer to a qualified buyer.