S.1805 - FHA Loan Limit Adjustment Act of 2007

A bill to amend the National Housing Act to increase the mortgage amount limits applicable to housing insured by FHA mortgage insurance. view all titles (2)

All Bill Titles

  • Short: FHA Loan Limit Adjustment Act of 2007 as introduced.
  • Official: A bill to amend the National Housing Act to increase the mortgage amount limits applicable to housing insured by FHA mortgage insurance. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
07/17/07
 
 
 
 
 
 
 

Official Summary

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 (F

Official Summary

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.

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