Rural Housing Opportunity and Enhancement Act of 2005
Latest action · Jun 17, 2005 Referred to the Subcommittee on Housing and Community Opportunity.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 26, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Rural Housing Opportunity and Enhancement Act of 2005 - Amends the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Act of the Housing Act of 1949 with respect to the single family rural housing loan guarantee program to: (1) eliminate low and moderate income eligibility requirements; (2) reduce maximum guarantee fees paid by lenders; and (3) require any regulation limiting borrower eligibility based upon the borrower's debt-income ratio to provide for a higher income-to-debt ratio for newly-constructed property loans.
Revises refinancing loan guarantee provisions to: (1) authorize a specified lender guarantee fee; (2) permit a guarantee to acquire or construct an eligible single-family residence; (3) amend closing cost provisions; (4) eliminate income requirements; (5) prohibit that an appraisal credit report be required in connection with the loan, or that the residence be in a rural area for an existing loan; and (6) require that the borrower is not delinquent with respect to existing loan payments, and that monthly refinance payments be at least $50 less than existing monthly payments.
Requires agricultural housing loans to be recorded as Department of Agriculture, rather than conventional, loans.
Revises the definition of "rural area."
Increases direct loan income limitations.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Jun 17, 2005Referred to the Subcommittee on Housing and Community Opportunity.
- May 26, 2005Introduced in House
- May 26, 2005Referred to the House Committee on Financial Services.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2750 | Rural Housing Opportunity and Enhancement Act of 2005 | Identical bill | Jul 29, 2005 |
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Administrative fees
- Administrative procedure
- Consumer credit
- Department of Agriculture
- Economics and Public Finance
- Federally-guaranteed loans
- Finance and Financial Sector
- Government lending
- Government Operations and Politics
- Government paperwork
- Housing and Community Development
- Housing finance
- Law
- Low-income housing
- Moderate income housing
- Mortgage guaranty insurance
- Mortgages
- Rural housing
- Settlement costs
- Single family housing
- Social Welfare
Text 1
Each version as it was printed, newest first.
- May 26, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.