H.R. 4172 · 112th Congress
Second Chance at Homeownership Act of 2012
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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HeckSponsorNo cosponsors.
Second Chance at Homeownership Act of 2012 - Amends the National Housing Act to establish in the Federal Housing Administration (FHA) a Second Chance at Homeownership Program to: (1) create a voluntary FHA program to provide lenders for qualified second-chance borrowers and support long-term, sustainable homeownership; (2) target mortgage assistance to…
What it does: CRS summary · Introduced in House · Mar 8, 2012
Second Chance at Homeownership Act of 2012 - Amends the National Housing Act to establish in the Federal Housing Administration (FHA) a Second Chance at Homeownership Program to: (1) create a voluntary FHA program to provide lenders for qualified second-chance borrowers and support long-term, sustainable homeownership; (2) target mortgage assistance to enable families to become homeowners of a one- to four-family principal residence; and (3) ensure the Program remains in effect only for as long as necessary to provide stability to the housing market.
Authorizes the Secretary of Housing and Urban Development (HUD) to insure mortgages meeting specified criteria under the Program.
Defines a "second-chance borrower" as any mortgagor who has not been: (1) the mortgagor under any other mortgage or had any present ownership interest in any residence after January 1, 2011, unless the Secretary makes exceptions for a mortgagor who has inherited a property; (2) delinquent with respect to any of the most recent 12 monthly rental payments due for the rental of the mortgagor's principal residence; or (3) convicted under federal or state law for fraud during the 10-year period before insurance of the mortgage under the Program. Requires the borrower's net worth to be $1 million or less.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Second Chance at Homeownership Act of 2012
Latest action (Apr 26, 2012): Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
Policy area: Housing and Community Development · Origin: House · Introduced: Mar 8, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.