```

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3141 Reported in House (RH)]

<DOC>

                                                 Union Calendar No. 227
116th CONGRESS
  1st Session
                                H. R. 3141

                          [Report No. 116-282]

 To limit the collection of annual premiums under the FHA program for 
 mortgage insurance for single family housing, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              June 5, 2019

 Mr. Phillips introduced the following bill; which was referred to the 
                    Committee on Financial Services

                           November 12, 2019

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
[For text of introduced bill, see copy of bill as introduced on June 5, 
                                 2019]

_______________________________________________________________________

                                 A BILL

 
 To limit the collection of annual premiums under the FHA program for 
 mortgage insurance for single family housing, and for other purposes.

 

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FHA Loan Affordability Act of 
2019''.

SEC. 2. ANNUAL PREMIUMS.

    (a) In General.--Paragraph (2) of section 203(c) of the National 
Housing Act (12 U.S.C. 1709(c)(2)) is amended--
            (1) in subparagraph (B)--
                    (A) in clause (i), by striking ``For any'' and 
                inserting ``Subject to subparagraph (D), for any''; and
                    (B) in clause (ii), by striking ``For any'' and 
                inserting ``Subject to subparagraph (D), for any'';
            (2) in subparagraph (C)(i), by striking ``In addition'' and 
        inserting ``Subject to subparagraph (D), in addition''; and
            (3) by adding at the end the following new subparagraph:
            ``(D) The Secretary may not collect any annual premiums 
        under this paragraph with respect to a mortgage at any time 
        that the remaining insured principal balance (excluding the 
        portion of the remaining balance attributable to the premium 
        collected under subparagraph (A)) is 78 percent or less than 
        the lower of (i) the sales price of the dwelling at the sale in 
        connection with which the mortgage was made, or (ii) the 
        appraised value of the dwelling at the time of the origination 
        of the mortgage.''.
    (b) Applicability.--The amendments made by subsection (a) of this 
section shall apply with respect only to mortgages insured by the 
Secretary of Housing and Urban Development after the date of the 
enactment of this Act.
                                                 Union Calendar No. 227

116th CONGRESS

  1st Session

                               H. R. 3141

                          [Report No. 116-282]

_______________________________________________________________________

                                 A BILL

 To limit the collection of annual premiums under the FHA program for 
 mortgage insurance for single family housing, and for other purposes.

_______________________________________________________________________

                           November 12, 2019

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
```