Emergency Home Purchase Assistance Authority Amendments of 1979

Summary

Emergency Home Purchase Assistance Authority Amendments of 1979 - Amends the National Housing Act to remove the specific dollar limitations on the original principal obligation of a mortgage which may be purchased by the Government National Mortgage Association (GNMA) under the Emergency Home Purchase Assistance Act. Limits such purchasing authority to mortgages in an amount which would make a residence or project eligible for mortgage insurance under the applicable Federal insurance program. Permits such amounts to be raised by up to ten percent in high cost areas determined by the Secretary of Housing and Urban Development. Limits the sales price of a principal residence covered by a mortgage which may be purchased under the emergency authority of the GNMA to 105 percent of such maximum mortgage amount which may be raised an additional ten percent in high-cost areas. Eliminates the 7 1/2 percent interest rate limitation on mortgage loans eligible for purchase. Permits the Secretary to establish the maximum interest rate at a level consistent with market conditions provided it does not exceed the maximum rate on mortgages eligible for Federal insurance.

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Documents

3 official files

• Passed Senate amended

  summary · EN · 22 April 1980

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 2 April 1980

  Open at official source

• Introduced in Senate

  summary · EN · 20 December 1979

  Open at official source

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