A bill to amend the National Housing Act to increase maximum mortgage amounts and reduce downpayment requirements under certain FHA single-family mortgage insurance programs, to permit full implementation of the graduated payment mortgage program.

Summary

Amends the National Housing Act to extend the eligibility of mortgages for insurance and to increase the maximum allowable mortgage amounts. Permits the Secretary of Housing and Urban Development to insure, on a permanent basis, mortgages and loans with provisions of varying rates of amortization. States that the principal obligation of such mortgages insured may not exceed 97 percent of the appraised value of the property covered by the mortgage. Exempts such insured mortgages from State laws limiting the amount of interest which may be charged.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 24 February 1977

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.