To permanently increase the conforming loan limits for the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association and the FHA maximum mortgage amount limitations.
Actions Overview (1)
Date
Actions Overview
05/19/2009
Introduced in House
05/19/2009 Introduced in House
All Actions (2)
Date
All Actions
05/19/2009
Referred to the House Committee on Financial Services. Action By: House of Representatives
05/19/2009
Introduced in House Action By: House of Representatives
05/19/2009 Referred to the House Committee on Financial Services.
Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.
Committee / Subcommittee
Date
Activity
Reports
House Financial Services
05/19/2009
Referred to
Related Bills (0)
No related bill information was received for H.R.2483.
Increasing Homeownership Opportunities Act - Amends the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to increase limitations on the maximum original principal obligation of mortgages that may purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Association (Freddie Mac).
Increases such limitations in areas where 125% (currently, 115%) of the median price of residences of a particular size exceed existing mortgage purchase limitations for such residence size.
Gives the Director of the Federal Housing Finance Agency (FHFA) discretion to increase existing mortgage purchase limitations where an increase is warranted by higher median home prices in an area or sub-area and will have a significant impact on the cost or availability of mortgages for such homes.
Amends the National Housing Act to raise limitations on the maximum principal obligation of mortgages that may be insured by the Secretary of Housing and Urban Development (HUD).
Gives the Secretary discretion to increase mortgage insurance limitations where an increase is warranted by higher median home prices in an area or sub-area and will have a significant impact on the cost or availability of mortgages for such homes.
All Summaries (1)
Shown Here: Introduced in House (05/19/2009)
Increasing Homeownership Opportunities Act - Amends the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to increase limitations on the maximum original principal obligation of mortgages that may purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Association (Freddie Mac).
Increases such limitations in areas where 125% (currently, 115%) of the median price of residences of a particular size exceed existing mortgage purchase limitations for such residence size.
Gives the Director of the Federal Housing Finance Agency (FHFA) discretion to increase existing mortgage purchase limitations where an increase is warranted by higher median home prices in an area or sub-area and will have a significant impact on the cost or availability of mortgages for such homes.
Amends the National Housing Act to raise limitations on the maximum principal obligation of mortgages that may be insured by the Secretary of Housing and Urban Development (HUD).
Gives the Secretary discretion to increase mortgage insurance limitations where an increase is warranted by higher median home prices in an area or sub-area and will have a significant impact on the cost or availability of mortgages for such homes.