Foster, Emmer Introduce Legislation to Expand Mortgage Access for Self-Employed Workers
WASHINGTON, DC – Today, Congressman Bill Foster (D-IL) and Congressman Tom Emmer (R-MN) introduced the Self-Employed Mortgage Access Act (SEMAA). The legislation would expand access to mortgages for self-employed individuals, gig workers, and other creditworthy borrowers who have non-traditional forms of income. SEMAA would allow lenders to verify a borrower’s income using additional forms of documentation beyond a W-2.
“As the way people work evolves, an increasing number of Americans are making a living through self-employment and the gig economy,” Foster said. “We need to ensure these people aren’t being unfairly disadvantaged from homeownership because they don’t have the same income documentation–like paystubs or W-2s–as people with traditional jobs. Simply put, this legislation levels the playing field for creditworthy consumers to pursue homeownership.”
“America was founded by innovators, and no one embodies that spirit more than the self-employed. Outdated and burdensome requirements that block individuals from pursuing their American dream should be the main concern of Congress,” said Emmer. “Instead of standing in the way, we should allow these individuals the opportunity to buy a home. I am proud to work across the aisle with my colleague Congressman Foster to help these individuals access a mortgage and build their version of the American dream for themselves and their families.”
Congressman Foster serves on the House Financial Services Committee. He is also co-chair of the New Democrat Coalition Future of Work Task Force.
A copy of the legislation is available here.