Mobile Home Financing Improvement Act of 1979

Summary

Mobile Home Financing Improvement Act of 1979 - Amends the National Housing Act to increase loan insurance limits and terms for mobile homes and mobile home lots. Redefines the term "double wide mobile home" to include any mobile home with more than 1,100 square feet. Authorizes the Secretary of Housing and Urban Development to establish reasonable maximum insurable loan amounts for the mobile home and mobile home lot programs which may be increased in an amount not to exceed seven percent in any one-year period. Amends the Interstate Land Sales Full Disclosure Act to exempt from the Federal registration and disclosure requirements of such Act land sold or leased by one party and the home by another under a contract that obligates such sellers to deliver the land with a residential building erected or placed thereon within a two-year period. Provides that no State constitutional provision or law expressly limiting interest, finance charge, or other charges shall apply to a loan insured by the Federal Housing Administration under the National Housing Act or guaranteed by the Veterans Administration under the mobile home loan program.

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1 official file

• Introduced in House

  summary · EN · 26 April 1979

  Open at official source

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