Rural Homeownership Continuity Act of 2024

This bill (S 4971) allows rural homeowners to transfer their existing federally guaranteed home loans to new buyers when selling their property, directly affecting rural homeowners selling their homes. It amends the Doug Bereuter Section 502 program to require the Secretary to facilitate loan assumption by qualified buyers, including releasing the original borrower from liability. The key provision ensures that when a property is sold, the new buyer takes over the loan obligations, and the seller (and any co-borrowers/guarantors) is no longer responsible for the debt. This creates a smoother process for rural homeowners to sell their properties without the original borrower remaining liable for the loan.