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New Credit Assessment Rules for FHA Mortgages

This act reauthorizes an FHA pilot program allowing the use of additional data for assessing creditworthiness for mortgage applicants. This aims to help individuals with limited credit history access mortgages, providing them with more home financing options. Citizens will be able to voluntarily opt into this new assessment method.
Key points
Expanding access to FHA mortgages for individuals with thin or no credit files by using alternative data.
Voluntary option for mortgage applicants to choose the new credit assessment method.
Requirement to inform citizens about the differences between the new and existing assessment models and available lending options.
Mandatory reporting to Congress on the program's effectiveness, including its impact on various demographic groups and the mortgage insurance fund.
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Expired
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Additional Information
Print number: 117_HR_123
Sponsor: Rep. Green, Al [D-TX-9]
Process start date: 2021-01-04
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Alternative Data for Additional Credit FHA Pilot Program Reauthorization Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_123.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-01-04.

What are the main provisions?

Key points include:

  • Expanding access to FHA mortgages for individuals with thin or no credit files by using alternative data.
  • Voluntary option for mortgage applicants to choose the new credit assessment method.
  • Requirement to inform citizens about the differences between the new and existing assessment models and available lending options.
  • Mandatory reporting to Congress on the program's effectiveness, including its impact on various demographic groups and the mortgage insurance fund.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Green, Al [D-TX-9].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Real Estate Economy