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Amends section 201(a) of the National Housing Act (12 U.S.C. 1707(a)) by replacing occurrences of the term "mortgage" with "a first mortgage or second mortgage" and by striking the phrase "secured thereby." and inserting replacement text (replacement text not provided in this section).
Amends section 203 of the National Housing Act (12 U.S.C. 1709) by striking each occurrence of the term "mortgage" and inserting "first mortgage or second mortgage."
Amends 38 U.S.C. 3703(d)(3) by (A) replacing "first lien" with "first lien or second lien" in subparagraph (A), and (B) adding a new subparagraph (C) that conditions allowing a second lien securing a real estate housing loan on the Secretary insuring or guaranteeing the first lien on the real estate.
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.
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.
Introduced January 31, 2025 by Patrick Ryan · Last progress January 31, 2025
Referred to the Subcommittee on Economic Opportunity.
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.
Introduced in House