Code · BILL · 113th Congress · S. 1376 (Reported in Senate) — To improve the Federal Housing Administration and to ensure the solvency of the Mutual Mortgage Insurance Fund, and f... · Sec. 16

Sec. 16. Principal limit factor for HECM program

87 words·~1 min read·/bill/113/s/1376/rs/section-16

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Section 255(m)(2) of the National Housing Act ( 12 U.S.C. 1715z–20(m)(2) ) is amended— by striking paragraph

(1)shall and inserting paragraph (1)— shall ; in subparagraph (A), as so designated, by striking the period at the end and inserting ; and ; and by adding at the end the following: in the case of a fixed rate mortgage, may not involve a principal limit (as defined in section 206.3 of title 24, Code of Federal Regulations) with a principal limit factor in excess of .61. .

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12 USC 1715z–20(m)(2)

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Sec. 16

Principal limit factor for HECM program

Cite12 USC 1715z–20(m)(2)

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