FHA Loan Affordability Act of 2019

Bill: 116-hr-3141
Sponsor: full_name: Rep. Phillips, Dean [D-MN-3]
Introduced: 2019-06-05
Policy area: Housing and Community Development
Subjects: Housing finance and home ownership
Latest action: action_date: 2019-11-12
text: Placed on the Union Calendar, Calendar No. 227.

Summaries:
action_date: 2019-06-05
action_desc: Introduced in House
text: <p><b>FHA Loan Affordability Act of 2019 </b></p> <p>This bill requires Federal Housing Administration mortgage borrowers to pay mortgage insurance premiums only when their remaining principal balance exceeds&nbsp;78% or more of the home value or sales price. </p>

action_date: 2019-11-12
action_desc: Reported to House
text: <p><b>FHA Loan Affordability Act of 2019 </b></p> <p>This bill requires Federal Housing Administration mortgage borrowers to pay mortgage insurance premiums only when their remaining principal balance exceeds&nbsp;78% or more of the home value or sales price. The bill applies only to mortgages insured after&nbsp;the bill's&nbsp;enactment.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 3141 IN THE HOUSE OF REPRESENTATIVES June 5, 2019 Mr. Phillips introduced the following bill; which was referred to the Committee on Financial Services A BILL To limit the collection of annual premiums under the FHA program for mortgage insurance for single family housing, and for other purposes.

1. Short title This Act may be cited as the FHA Loan Affordability Act of 2019 . 2. Annual premiums 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. .

tv_txt: IB Union Calendar No. 227 116th CONGRESS 1st Session H. R. 3141 [Report No. 116–282] 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.

1. Short title This Act may be cited as the FHA Loan Affordability Act of 2019 . 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.

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