Original Additional Credit FHA Pilot Program Authorization Act

This bill changes an existing federal law to set up a pilot program at the Federal Housing Administration (FHA) that lets home loan applicants choose to have their credit judged using a credit scoring model that includes additional data. Within one year, the Secretary of Housing and Urban Development must pick one or more commercially available credit scoring models for the pilot. Lenders must give applicants a notice about the option, explain how the model differs, list approved housing counseling agencies, and help them compare loan options. The pilot cannot be used for refinancing loans on the same property, and the Secretary must report results to Congress and post them online. The bill authorizes $3 million for the first year and $1.5 million per year for fiscal years 2024 through 2027.

Full text and official record on Congress.gov

Sponsors

• Al Green Democrat sponsor
• 0 cosponsors