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Conventional home mortgage loans; assumption provisions. Requires any lender for any conventional home mortgage loan secured on or after July 1, 2026, by a mortgage or deed of trust on owner-occupied residential real estate located in the Commonwealth to include provisions in such loan to allow for any of the existing borrowers to purchase the property interest of another borrower on the loan by assuming the seller's portion of the mortgage in connection with a decree of annulment or divorce if the assuming borrower qualifies for the underlying loan, as determined by the lender.
Introduced
Jan 9, 2026
Last Action
Mar 10, 2026
Session
VA 2026
Sponsors
1 primary · 0 co
Enrolled Bill communicated to Governor on March 10, 2026
Governor's Action Deadline 11:59 p.m., April 13, 2026
Fiscal Impact Statement from State Corporation Commission (HB304)
Enrolled
Signed by President
Signed by Speaker
Bill text as passed House and Senate (HB304ER)
Passed Senate (40-Y 0-N 0-A)
Read third time
Rules suspended
Passed by for the day Block Vote (Voice Vote)
Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)
Reported from Commerce and Labor (15-Y 0-N)
Referred to Committee on Commerce and Labor
Constitutional reading dispensed (on 1st reading)
Fiscal Impact Statement from State Corporation Commission (HB304)
Passed House (98-Y 0-N 0-A)
Reconsideration of passage agreed to by House
Read third time and passed House (97-Y 1-N 0-A)
Read second time
Engrossed by House as amended
committee amendments agreed to
Read first time
Reported from Labor and Commerce with amendment(s) (22-Y 0-N)
Subcommittee recommends reporting with amendment(s) (9-Y 0-N)
House subcommittee offered
Fiscal Impact Statement from State Corporation Commission (HB304)
Assigned HCL sub: Subcommittee #1
Prefiled and ordered printed; Offered 01-14-2026 26101895D
Referred to Committee on Labor and Commerce
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Governor's Action Deadline 11:59 p.m., April 13, 2026
Richard C. "Rip" Sullivan, Jr.