“(1) has an original principal balance of $100,000 or less; and (2) is secured by a 1- to 4-unit property that is the principal residence of the mortgagor.”
The section defines a small-dollar mortgage as a mortgage with an original principal balance of $100,000 or less that is secured by a property of one to four units serving as the borrower's principal residence.
What the document actually says
“(1) has an original principal balance of $100,000 or less; and (2) is secured by a 1- to 4-unit property that is the principal residence of the mortgagor.”
That sentence, in plain words
The loan starts at $100,000 or less. The home has one to four units. The borrower lives there most of the time.
What this is about
Principal is the amount borrowed, apart from interest. A principal residence is the home a person mainly lives in. A loan must meet both tests to count.
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Increase the supply of housing in America, Public Law 119-101, sec. 105, 140 Stat. 852 (2026). https://www.govinfo.gov/content/pkg/PLAW-119publ101/html/PLAW-119publ101.htm
This page
“A small-dollar mortgage is defined as $100,000 or less on a home the borrower lives in,” Increase the supply of housing in America, section 105, Sec. 105. Read the Mandate, https://readthemandate.org/pl-119-101/proposal/sec105-definition/ (retrieved October 10, 2026).
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