Bill > HR892

This bill aims to facilitate mortgage assumptions and increase transparency in government-backed housing loans by requiring three federal agencies - the Federal Housing Administration (FHA), Department of Agriculture, and Department of Veterans Affairs - to take specific actions. The bill encourages these agencies to provide second mortgage insurance or guarantees when they have already insured a first mortgage, which would make it easier for subsequent property buyers to assume existing mortgages. Additionally, the bill mandates that each agency publish a public website listing within one year of enactment, detailing properties with government-insured mortgages, including the property address and the original mortgage date. The proposed changes would amend existing housing laws to explicitly allow and define second mortgage insurance, and create new disclosure requirements. Specifically for the FHA, the bill defines a "second mortgage" as a type of lien commonly used to secure advances or unpaid purchase prices under state law. The overall intent appears to be making mortgage transfers more accessible and providing greater public transparency about government-backed housing loans.

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https://www.congress.gov/bill/119th-congress/house-bill/892/all-info