S.2123 - FHA Manufactured Housing Loan Modernization Act of 2005

A bill to modernize the manufactured housing loan insurance program under title I of the National Housing Act. view all titles (2)

All Bill Titles

  • Short: FHA Manufactured Housing Loan Modernization Act of 2005 as introduced.
  • Official: A bill to modernize the manufactured housing loan insurance program under title I of the National Housing Act. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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12/16/05
 
 
 
 
 
 
 

Official Summary

FHA Manufactured Housing Loan Modernization Act of 2005 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes) to: (1) exempt such loans from certain financial institution portfolio limits

Official Summary

FHA Manufactured Housing Loan Modernization Act of 2005 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes) to:
(1) exempt such loans from certain financial institution portfolio limits;
(2) establish loan-to-value ratio and downpayment requirements;
(3) provide that any such contract shall be conclusive evidence of an institution's insurance eligibility;
(4) increase loan limits;
(5) set forth borrower premium charges; and
(6) direct the Secretary of Housing and Urban Development to establish underwriting criteria that will ensure the manufactured housing program's financial soundness.

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