Section 1 Short title
This Act may be cited as the “FHA Fairness Act”.
FHA Fairness Act
A BILL
To increase the principal obligation limits for mortgage insurance under the National Housing Act for residences in eligible metropolitan cities and urban counties.
Sec. 2 FHA Principal obligation limits for residences in eligible cities and counties
Section 203(b) of the National Housing Act (12 U.S.C. 1709) is amended by adding at the end of paragraph (2) the following undesignated paragraph:
Sec. 3 Effective date
The amendment made by this Act shall apply only to mortgages for which the mortgagee has issued credit approval for the borrower on or after January 1, 2021.