Easier Mortgage Assumption and Public Disclosure of Government-Backed Loans.
This law aims to make it easier for new buyers to assume existing, potentially lower-interest mortgages insured by federal agencies like FHA and VA. It allows these agencies to insure or guarantee second mortgages, helping finance the remaining purchase price. Furthermore, federal agencies must publish a public list of properties with insured loans, increasing market transparency for potential homeowners.
Key points
FHA and VA can now insure or guarantee second mortgages, simplifying the process for new buyers to take over the existing first mortgage (often at a lower rate).
Federal agencies (FHA, USDA, VA) must publish a public list detailing the addresses and origination dates of all properties with government-backed loans.
Increased transparency provides citizens with easier access to information about assumable loans, potentially lowering the overall cost of buying a home.
Expired
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