H.R. 3141 — what changed
FHA Loan Affordability Act of 2019
From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.
Sec. 2 Annual premiums
added
In general— Paragraph (2) of section 203(c) of the National Housing Act (12 U.S.C. 1709(c)(2)) is amended—
removed
Paragraph (2) of section 203(c) of the National Housing Act (12 U.S.C. 1709(c)(2)) is amended—
renumbered
was (3)
in subparagraph (B)—
renumbered
was (3)(2)
in clause (i), by striking “For any” and inserting “Subject to subparagraph (D), for any”; and
renumbered
was (3)(3)
in clause (ii), by striking “For any” and inserting “Subject to subparagraph (D), for any”;
renumbered
was (4)
in subparagraph (C)(i), by striking “In addition” and inserting “Subject to subparagraph (D), in addition”; and
renumbered
was (5)
by adding at the end the following new subparagraph:
“(D) The Secretary may not collect any annual premiums under this paragraph with respect to a mortgage at any time that the remaining insured principal balance (excluding the portion of the remaining balance attributable to the premium collected under subparagraph (A)) is 78 percent or less than the lower of (i) the sales price of the dwelling at the sale in connection with which the mortgage was made, or (ii) the appraised value of the dwelling at the time of the origination of the mortgage.”
added
Applicability— The amendments made by subsection (a) of this section shall apply with respect only to mortgages insured by the Secretary of Housing and Urban Development after the date of the enactment of this Act.