110-H.AMDT.794 to 110-H.R.1852

Amendment raises the FHA single family loan limit, by establishing such limit in each area as the lower of (a) 125% of the local median area home price or (b) 175% of the national GSE conforming loan limit; retains the FHA loan floor provision in the reported bill of 65% of the GSE conforming loan limit; and also gives HUD authority to raise these resulting loan limit amounts by up to $100,000 by area and/or by unit size "if market conditions warrant.".

H.AMDT.794(A001)
Amends: H.R.1852
Sponsor: Rep Cardoza, Dennis A. [CA-18](offered 9/18/2007)

AMENDMENT DESCRIPTION:
Amendment raises the FHA single family loan limit, by establishing such limit in each area as the lower of (a) 125% of the local median area home price or (b) 175% of the national GSE conforming loan limit; retains the FHA loan floor provision in the reported bill of 65% of the GSE conforming loan limit; and also gives HUD authority to raise these resulting loan limit amounts by up to $100,000 by area and/or by unit size "if market conditions warrant.".

AMENDMENT PURPOSE:
An amendment numbered 2 printed in House Report 110-330 to raise the FHA single family loan limit, by establishing such limit in each area as the lower of (a) 125% of the local median area home price or (b) 175% of the national GSE conforming loan limit; retain the FHA loan floor provision in the reported bill of 65% of the GSE conforming loan limit; and also gives HUD authority to raise these resulting loan limit amounts by up to $100,000 by area and/or by unit size `if market conditions warrant.`.

STATUS:

    9/18/2007 12:51pm:
    Amendment (A001) offered by Mr. Cardoza. (consideration: CR H10463-10465; text: CR H10463)
    9/18/2007 1:03pm:
    On agreeing to the Cardoza amendment (A001) Agreed to by voice vote.

View comments | (Close Window)