buyer has a reasonable ability to pay 
the owner; 
‘‘(IV) has a fixed rate or an ad-
justable rate that is adjustable after 5 
or more years, subject to reasonable 
annual and lifetime limitations on in-
terest rate increases; and 
‘‘(V) meets any other criteria the 
Bureau may prescribe by rule;’’; and 
(3) by inserting after subparagraph (E) the fol-
lowing: 
‘‘(F) does not include, with respect to a 
residential mortgage loan or extension of credit, 
a person or entity (including a corporation, 
partnership, proprietorship, association, cooper-
ative, estate, or trust) if— 
‘‘(i) the loan or extension of credit is 
owner financed and is a consumer loan or 
extension of credit secured by a security 
interest on a manufactured home (as de-
fined under section 603 of the National 
Manufactured Housing Construction and 
Safety Standards Act of 1974); and 
‘‘(ii) each home described under 
clause (i) is owned by such a person or en-
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tity and serves as security for the loan or 
extension of credit, provided that such loan 
or extension of credit— 
‘‘(I) is not made by a person or 
entity that has manufactured the 
manufactured home; 
‘‘(II) is fully amortizing; 
‘‘(III) is with respect to a sale 
for which the owner determines in 
good faith and documents that the 
buyer has a reasonable ability to pay 
the owner; 
‘‘(IV) has a fixed rate or an ad-
justable rate that is adjustable after 5 
or more years, subject to reasonable 
annual and lifetime limitations on in-
terest rate increases; and 
‘‘(V) meets any other criteria the 
Bureau may prescribe by rule;’’. 
SEC. 5. REPORT ON OWNER FINANCING. 
(a) STUDY.—The Secretary of Housing and Urban 
Development and the Secretary of the Treasury shall 
jointly carry out a study on— 
(1) the number of homes bought for under 
$150,000 or 60 percent of the median home value 
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in a given community, whichever is lower, in the 
United States by utilizing owner financing; 
(2) the number of homes described under para-
graph (1) financed by licensed mortgage brokers; 
(3) the potential number of homes described 
under paragraph (1) which could be sold but aren’t, 
because owner financiers are unwilling, or from a 
practical standpoint unable, to comply with mort-
gage broker rules; and 
(4) the potential benefit to home values and 
wealth creation if more homes were to be sold uti-
lizing owner finance. 
(b) REPORT.—Not later than the end of the 1-year 
period beginning on the date of the enactment of this Act, 
the Secretary of Housing and Urban Development and the 
Secretary of the Treasury shall jointly issue a report to 
the Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate containing— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) data on the number of transactions utilizing 
owner financing 20 years, 15 years, 10 years, and 
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5 years prior to the date of the enactment of this 
Act. 
Æ 
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