United StatesHouse Bill 892HR 892

Mortgage Rate Reduction Act

Finance and Financial Sector

6 pages

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senate
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Last progress January 31, 2025 (10 months ago)

Introduced on January 31, 2025 by Patrick Ryan

House Votes

Pending Committee

January 31, 2025 (10 months ago)

Referred to the Committee on Financial Services, and in addition to the Committee on Veterans' Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Senate Votes

Vote Data Not Available

This bill, the Mortgage Rate Reduction Act, would let the FHA and VA back certain second mortgages on homes where they already back the first mortgage. The aim is to help a buyer take over an existing first mortgage when purchasing a home. It also says USDA should support second mortgages in similar cases for its rural housing loans.

The bill also requires these agencies to post online, within one year, a public list of homes they insure or guarantee. For each loan, the list must show the property address and the date the loan started.

Who is affected: Homebuyers, homeowners with FHA/VA/USDA-backed loans, and lenders.
What changes: FHA and VA could insure/guarantee second mortgages tied to an existing first mortgage; USDA is urged to do the same.
Privacy/Transparency: FHA, VA, and USDA must publish loan address and start date for each insured or guaranteed loan.
Timing: The public lists must be posted within one year after the law takes effect.
Guardrails: A VA-backed second mortgage is only allowed if VA already backs the first mortgage on that home.

Mortgage Rate Reduction Act

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