II 

112TH CONGRESS 

1ST SESSION S. 1508 

To extend loan limits for programs of the Federal Housing Administration, 

the government-sponsored enterprises, and the Department of Veterans 

Affairs, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 2, 2011 

Mr. MENENDEZ (for himself, Mr. ISAKSON, and Mrs. FEINSTEIN) introduced 

the following bill; which was read twice and referred to the Committee 

on Banking, Housing, and Urban Affairs 

A BILL 

To extend loan limits for programs of the Federal Housing 

Administration, the government-sponsored enterprises, 

and the Department of Veterans Affairs, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Homeownership Af5 fordability Act of 2011’’. 


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1 SEC. 2. FEDERAL HOUSING ADMINISTRATION LOAN LIMIT 

2 EXTENSION. 

3 (a) IN GENERAL.—Notwithstanding any other provi4 sion of law, for mortgages for which a Federal Housing 

5 Administration case number has been assigned during the 

6 period beginning on the date of enactment of this Act and 

7 ending on December 31, 2013, the dollar amount limita8 tion on the principal obligation for purposes of section 203 

9 of the National Housing Act (12 U.S.C. 1709) shall be 

10 considered to be, except for purposes of section 255(g) of 

11 such Act (12 U.S.C. 1715z–20(g)), the greater of— 

12 (1) the dollar amount limitation on the prin13 cipal obligation of a mortgage determined under sec14 tion 203(b)(2) of the National Housing Act (12 

15 U.S.C. 1709(b)(2)); or 

16 (2) the dollar amount limitation that was pre17 scribed for such size residence for such area for 

18 2008 pursuant to section 202 of the Economic Stim19 ulus Act of 2008 (Public Law 110–185; 122 Stat. 

20 620). 

21 SEC. 3. FANNIE MAE AND FREDDIE MAC LOAN LIMIT EX22 TENSION. 

23 (a) IN GENERAL.—Notwithstanding any other provi24 sion of law, for mortgage loans originated during the pe25 riod beginning on the date of enactment of this Act and 

26 ending on December 31, 2013, the limitation on the maxVerDate Mar 15 2010 00:20 Aug 05, 2011 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1508.IS S1508

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1 imum original principal obligation of a mortgage that may 

2 be purchased by the Federal National Mortgage Associa3 tion or the Federal Home Loan Mortgage Corporation 

4 shall be the greater of— 

5 (1) the limitation in effect at the time of the 

6 purchase of the mortgage loan, as determined pursu7 ant to section 302(b)(2) of the Federal National 

8 Mortgage Association Charter Act (12 U.S.C. 

9 1717(b)(2)) or section 305(a)(2) of the Federal 

10 Home Loan Mortgage Corporation Act (12 U.S.C. 

11 1454(a)(2)), respectively; or 

12 (2) the limitation that was prescribed for loans 

13 originated during the period beginning on July 1, 

14 2007 and ending on December 31, 2008, pursuant 

15 to section 201 of the Economic Stimulus Act of 

16 2008 (Public Law 110–185, 122 Stat. 619). 

17 (b) FEE INCREASES.—Notwithstanding any other 

18 provision of law, the Federal Housing Finance Agency 

19 shall, by rule or order, increase mortgage guarantee fees 

20 charged by the Federal National Mortgage Association 

21 and the Federal Home Loan Mortgage Corporation for 

22 mortgage loans of not less than $625,500 or more than 

23 $729,750 originated during the period beginning on Octo24 ber 1, 2011, and ending on December 31, 2013, in an 


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1 amount necessary to increase by $336,000,000 the rev2 enue raised from such fees. 

3 SEC. 4. DEPARTMENT OF VETERANS AFFAIRS LOAN LIMIT 

4 EXTENSION. 

5 Section 501 of the Veterans’ Benefits Improvement 

6 Act of 2008 (Public Law 110–389; 122 Stat. 4175; 38 

7 U.S.C. 3703 note) is amended, in the matter before para8 graph (1), by striking ‘‘December 31, 2011’’ and inserting 

9 ‘‘December 31, 2013’’. 

Æ 


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