FHA Small-Dollar Mortgages Act

This bill would allow the Department of Housing and Urban Development, through the Federal Housing Administration, to set up a pilot program within one year to increase access to small-dollar mortgages. A small-dollar mortgage is defined as a home loan of $100,000 or less on a 1- to 4-unit property that is the borrower's main home. The program could include payments to lenders, changes to FHA terms and costs, grants to borrowers for down payments and closing costs, outreach, and technical help for lenders. The program would end 4 years after it starts, and the FHA would send Congress yearly reports on its results and risks.

Full text and official record on Congress.gov

Sponsors

• Maxine Waters Democrat sponsor
• 1 cosponsors