Stabilizing FHA Loan Limit Calculations Act of 2014

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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R MillerSponsor

24 cosponsors · 18 D, 6 R

5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Stabilizing FHA Loan Limit Calculations Act of 2014 - Amends the National Housing Act, with respect to the mortgage insurance eligibility of a 1-family or a 2-, 3-, or 4-family residence, to revise the formula for determining the median house price in the larger formula for determining the principal obligation of a mortgage.

What it does: CRS summary · Introduced in House · Mar 12, 2014

Declares that, for 2014 and each succeeding year, the median house price for any size residence for an area shall be considered to be the greatest median house price for such size residence for that area used by the Secretary of Housing and Urban Development (HUD) to determine the dollar amount limitation on the principal obligation for 2013, or for any succeeding year before the assignment of the Federal Housing Administration (FHA) case number for the mortgage involved.

Allows the Secretary, however, to increase the maximum dollar limitation on the principal obligation of an eligible mortgage otherwise in effect for a particular size or sizes of residence in any geographic area smaller than an area for which dollar amount limitations are ordinarily determined, if a higher maximum dollar amount limitation is warranted by higher median home prices in that smaller area.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Stabilizing FHA Loan Limit Calculations Act of 2014

Latest action (Mar 12, 2014): Referred to the House Committee on Financial Services.

Policy area: Housing and Community Development · Origin: House · Introduced: Mar 12, 2014

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.