Classification of student loan payment as a financial concession

(a) In general Not later than 30 days after the enactment of this Act, the Director of the Federal Housing Finance Agency shall require the enterprises to classify a covered payment as a financial concession with respect to an interested party contribution in the sale of a home, subject to the limitation described in subsection (b). (b) Limitation A portion of a covered payment that is in excess of $25,000 shall be classified as a sales concession. (c) Definitions In this Act: (1) Enterprises The term enterprises means— (A) the Federal National Mortgage Association; and (B) the Federal Home Loan Mortgage Association. (2) Covered payment The term covered payment means a payment towards a student loan, as defined in Title IV of the Higher Education Act, by an interested party to the buyer of a home. (3) Home Newly constructed principal residence of the buyer of a home.