legislation: 109-hr-2750

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
109-hr-2750 109 hr 2750 Rural Housing Opportunity and Enhancement Act of 2005 Housing and Community Development 2005-06-07 2005-07-29 Referred to the Subcommittee on Housing and Community Opportunity. House Rep. Andrews, Robert E. [D-NJ-1] NJ D A000210 0 Rural Housing Opportunity and Enhancement Act of 2005 - Amends the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Act of the Housing Act of 1949 with respect to the single family rural housing loan guarantee program to: (1) eliminate low and moderate income eligibility requirements; (2) reduce maximum guarantee fees paid by lenders; and (3) require any regulation limiting borrower eligibility based upon the borrower's debt-income ratio to provide for a higher income-to-debt ratio for newly-constructed property loans. Revises refinancing loan guarantee provisions to: (1) authorize a specified lender guarantee fee; (2) permit a guarantee to acquire or construct an eligible single-family residence; (3) amend closing cost provisions; (4) eliminate income requirements; (5) prohibit that an appraisal credit report be required in connection with the loan, or that the residence be in a rural area for an existing loan; and (6) require that the borrower is not delinquent with respect to existing loan payments, and that monthly refinance payments be at least $50 less than existing monthly payments. Requires agricultural housing loans to be recorded as Department of Agriculture, rather than conventional, loans. Revises the definition of "rural area." Increases direct loan income limitations. 2023-01-13T04:48:00Z  

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