Bill > S2131

This bill, the Improving FHA Support for Small-Dollar Mortgages Act of 2021, requires the Secretary of Housing and Urban Development (HUD) to conduct a review of the Federal Housing Administration's (FHA) single-family mortgage insurance policies, practices, and products. The goal is to identify any barriers or impediments to supporting, facilitating, and making available mortgage insurance for loans with an original principal obligation of $100,000 or less, which are referred to as "small-dollar mortgages." The bill notes that affordable homeownership opportunities are being hindered due to the lack of financing available for home purchases under $100,000, and that the FHA serves a smaller share of borrowers seeking small-dollar mortgage loans compared to larger loans. The review must be completed within 12 months of the bill's enactment, and the Secretary must submit a report to Congress describing the findings and the actions the Secretary will take to address any issues, without adversely affecting the solvency of the Mutual Mortgage Insurance Fund.

Housing and Urban Affairs

https://www.congress.gov/bill/117th-congress/senate-bill/2131/all-info