Original Additional Credit FHA Pilot Program Authorization Act
FHA Credit Score Pilot Program for Home Buyers
This bill was recently introduced and is currently being reviewed by the House Committee on Financial Services. It is in the early stages of the legislative process and is considered active. There are no upcoming votes or hearings scheduled at this time.
Legislative Progress
While housing affordability is a major issue, bills introduced by the minority party often struggle to move through committees without significant bipartisan support.
Key Points
- This bill creates a test program to help people get FHA home loans even if they do not have a traditional credit score. It allows the government to look at extra information, like rent or utility payments, to see if a person is likely to pay back a loan.
- Home buyers must choose to participate in this program. Lenders are required to explain how this new credit check works and show the buyer how it compares to a regular credit check before they sign anything.
- The program is specifically for people buying a home, not for people looking to refinance a loan they already have. It aims to help those with thin credit files who are often turned away by traditional banks.
- The Department of Housing and Urban Development will pick the credit models used and must report back to Congress. They will track if the program helps more people get homes and if those borrowers are able to keep up with their payments.
- The bill sets aside 1.5 million dollars per year through 2027 to run the program. It also requires the government to list which lenders are participating on a public website so buyers can find them easily.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Original Additional Credit FHA Pilot Program Authorization Act
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.