Sec. 267. Residual income requirement
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The FHA may not newly insure, under any provision of this title, the National Housing Act, or any FHA program, any mortgage on a 1- to 4-family residential property unless the mortgagor under such mortgage meets such requirements as the FHA shall, by regulation, establish to ensure that the mortgagor has sufficient residual income. For purposes of this section, the term residual income means, with respect to a mortgagor, the net monthly income of the mortgagor, as provided by regulation by the FHA, after taking into consideration— any assets of the mortgagor other than the property subject to such mortgage; and any monthly obligations of the mortgagor with respect to mortgage payments, insurance payment, and taxes for the property subject to the mortgage, income and other taxes, maintenance, and utility expenses for the property, child care expenses, auto, consumer, and any other debt obligations, alimony and child support expenses, and such other expenses as the FHA may provide.
This section and the amendment made by this section shall take effect upon the date of the enactment of this Act.