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HR892119th CongressWALLET

Mortgage Rate Reduction Act

Sponsored By: Representative Ryan, Patrick [D-NY-18]

In Committee

Summary

Federal guarantee of certain second mortgages and public mortgage lists would make it easier for buyers to assume existing government-backed first mortgages backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the Department of Agriculture (USDA).

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  • Buyers and families: Would enable a buyer to assume an existing FHA, VA, or USDA first mortgage by taking out a federally insured or guaranteed second mortgage, helping preserve a low-rate first loan.
  • Homeowners selling a property: Could make homes with government-backed first mortgages easier to sell because a buyer could assume that first mortgage with a second lien.
  • Agencies and the public: FHA, VA, and USDA would be required to publish public online lists within 1 year of enactment showing each insured or guaranteed property’s address and the loan origination date.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 1 costs, 0 mixed.

FHA homeowners could add second mortgages

If you have an FHA‑insured first mortgage, you could add a second mortgage that FHA would insure. The second lien would need to be a common type allowed under your state’s laws. This could help you get extra home financing or help a buyer assume your existing first loan. The change would take effect upon enactment.

Stricter rules for VA second liens

For VA home loans, a second lien would be allowed only if VA insures or guarantees the first lien. This would limit when veterans can use second‑lien financing with VA loans. The change would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Ryan, Patrick [D-NY-18]

NY • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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