S.1805 - FHA Loan Limit Adjustment Act of 2007110th Congress (2007-2008)
|Sponsor:||Sen. Schumer, Charles E. [D-NY] (Introduced 07/17/2007)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 07/17/2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1805 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (07/17/2007)
FHA Loan Limit Adjustment Act of 2007 - Amends the National Housing Act with respect to mortgage insurance eligibility to revise requirements for the principal amount of a mortgage loan, in part increasing the amount of a mortgage that may be insured by the Federal Housing Administration (FHA).
Repeals the requirement that certain mortgagors, before a mortgage is insured, complete a program of counseling on the responsibilities and financial management involved in homeownership.
Increases high-cost area and project-based additional mortgage loan limits for FHA-insured mortgages for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing insurance; (4) moderate income and displaced family housing; (5) housing for the elderly; and (6) condominiums.