Rural Housing Opportunity and Enhancement Act of 2005

Summary

Rural Housing Opportunity and Enhancement Act of 2005 - Amends the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Act of the Housing Act of 1949 with respect to the single family rural housing loan guarantee program to: (1) eliminate low and moderate income eligibility requirements; (2) reduce maximum guarantee fees paid by lenders; and (3) require any regulation limiting borrower eligibility based upon the borrower's debt-income ratio to provide for a higher income-to-debt ratio for newly-constructed property loans. Revises refinancing loan guarantee provisions to: (1) authorize a specified lender guarantee fee; (2) permit a guarantee to acquire or construct an eligible single-family residence; (3) amend closing cost provisions; (4) eliminate income requirements; (5) prohibit that an appraisal credit report be required in connection with the loan, or that the residence be in a rural area for an existing loan; and (6) require that the borrower is not delinquent with respect to existing loan payments, and that monthly refinance payments be at least $50 less than existing monthly payments. Requires agricultural housing loans to be recorded as Department of Agriculture, rather than conventional, loans. Revises the definition of "rural area." Increases direct loan income limitations.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 7 June 2005

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 7 June 2005

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 June 2005

   Introduced

   Introduced in House

   Source: IntroReferral

4. 29 July 2005

   Referred

   Referred to the Subcommittee on Housing and Community Opportunity.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 7 June 2005 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 June 2005

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 7 June 2005

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 7 June 2005

  Open at official source

Sponsors

• Rep. Andrews, Robert E. [D-NJ-1] · D · Sponsor
• · hsba00 · Standing

Related records

• related to → Rural Housing Opportunity and Enhancement Act of 2005