HR 3141
FHA Loan Affordability Act of 2019
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- Passed House
- Passed Senate
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Bill overview
The FHA Loan Affordability Act of 2019 changes how mortgage insurance premiums are collected for FHA loans. It allows borrowers to avoid paying annual mortgage insurance premiums until their mortgage balance reaches 78% or more of the home’s value or original sales price. This means borrowers with lower loan balances may not have to pay premiums initially, potentially making homeownership more affordable. The bill adjusts the National Housing Act to implement these changes.
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Primary sponsor
Dean Phillips
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