FHA Small-Dollar Mortgages Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill authorizes a pilot program by the Department of Housing and Urban Development to increase access to small-dollar mortgages, defined as loans with a principal balance of $100,000 or less secured by a single-family home. The program could include direct payments to borrowers, adjustments to FHA terms, grants for down payments and closing costs, and outreach efforts. The program’s effectiveness will be evaluated through an annual report submitted to Congress.
Key provisions
- Establishes a pilot program for small-dollar mortgages (loans under $100,000).
- Allows for direct payments to borrowers to incentivize small-dollar mortgage origination.
- Provides grants to cover down payments, closing costs, appraisals, and title insurance.
- Requires annual reporting to Congress on the program’s outcomes and risks.
- Includes data collection on mortgage demographics and mortgagees.
- Identifies regions with the greatest need for small-dollar mortgages.
- Limits the program to a 4-year pilot period.
- Prohibits the establishment of new similar pilot programs after a 3-year period.
Who is affected
- Homeowners
- Mortgage Borrowers
- Mortgage Lenders
- Federal Housing Administration
- U.S. Department of Housing and Urban Development
Notable changes
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Sponsors
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2 on record
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