Stabilizing FHA Loan Limit Calculations Act of 2014

Bill: 113-hr-4208
Sponsor: full_name: Rep. Miller, Gary G. [R-CA-31]
Introduced: 2014-03-12
Policy area: Housing and Community Development
Subjects: Government lending and loan guarantees

Housing finance and home ownership
Latest action: action_date: 2014-03-12
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2014-03-12
action_desc: Introduced in House
text: <p>Stabilizing FHA Loan Limit Calculations Act of 2014 - Amends the National Housing Act, with respect to the mortgage insurance eligibility of a 1-family or a 2-, 3-, or 4-family residence, to revise the formula for determining the median house price in the larger formula for determining the principal obligation of a mortgage.</p> <p>Declares that, for 2014 and each succeeding year, the median house price for any size residence for an area shall be considered to be the greatest median house price for such size residence for that area used by the Secretary of Housing and Urban Development (HUD) to determine the dollar amount limitation on the principal obligation for 2013, or for any succeeding year before the assignment of the Federal Housing Administration (FHA) case number for the mortgage involved.</p> <p>Allows the Secretary, however, to increase the maximum dollar limitation on the principal obligation of an eligible mortgage otherwise in effect for a particular size or sizes of residence in any geographic area smaller than an area for which dollar amount limitations are ordinarily determined, if a higher maximum dollar amount limitation is warranted by higher median home prices in that smaller area.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4208 IN THE HOUSE OF REPRESENTATIVES March 12, 2014 Mr. Gary G. Miller of California (for himself, Mr. Sherman , Mrs. Carolyn B. Maloney of New York , Mr. Calvert , Mr. McNerney , and Mr. King of New York ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To ensure stability in FHA maximum mortgage amount limitations for areas experiencing decreases in median home prices.

1. Short title This Act may be cited as the Stabilizing FHA Loan Limit Calculations Act of 2014 . 2. FHA maximum mortgage amount limitations Paragraph (2) of section 203(b) of the National Housing Act ( 12 U.S.C. 1709(b)(2) ) is amended— (1) in subparagraph (A)(i), by inserting before ; or the following: ; except that with respect to 2014 and each year thereafter, the median house price for any size residence for an area shall, for purposes of this clause, be considered to be equal to the greatest median house price for such size residence for such area used by the Secretary for purposes of determining the dollar amount limitation on the principal obligation for purposes of this section for 2013 (pursuant to section 238 of Public Law 112–55 ; 125 Stat. 702), or for any year thereafter before the assignment of the Federal Housing Administration case number for the mortgage involved ; and (2) by adding at the end the following undesignated paragraph: Notwithstanding any other provision of law, if the Secretary determines, for any geographic area that is smaller than an area for which dollar amount limitations on the principal obligation of a mortgage are determined under this paragraph, that a higher such maximum dollar amount limitation is warranted for any particular size or sizes of residences in such sub-area by higher median home prices in such sub-area, the Secretary may increase the maximum dollar amount limitation for such size or sizes of residences for such sub-area that is otherwise in effect (including pursuant to the first sentence of this paragraph), but in no case to an amount that exceeds the amount specified in subparagraph (A)(ii) of this paragraph. .