FHA Loan Limit Adjustment Act of 2007

Summary

FHA Loan Limit Adjustment Act of 2007 - Amends the National Housing Act with respect to mortgage insurance eligibility to revise requirements for the principal amount of a mortgage loan, in part increasing the amount of a mortgage that may be insured by the Federal Housing Administration (FHA). Repeals the requirement that certain mortgagors, before a mortgage is insured, complete a program of counseling on the responsibilities and financial management involved in homeownership. Increases high-cost area and project-based additional mortgage loan limits for FHA-insured mortgages for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing insurance; (4) moderate income and displaced family housing; (5) housing for the elderly; and (6) condominiums.

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Timeline

1. 17 July 2007

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 17 July 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 17 July 2007 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 July 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 July 2007

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 17 July 2007

  Open at official source

Sponsors

• Charles Schumer · D · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → FHA Multifamily Loan Limit Adjustment Act of 2007