To increase the flexibility of and to streamline certain single family programs administered by the Federal Housing Administration, to reform the single family claims and property disposition procedures, and for other purposes.
TABLE OF CONTENTS:
Title I: Product Flexibility and Insurance
Title II: Claims and Property Disposition Reform Initiatives
Title III: Streamlining Proposals
FHA Single Family Housing Reform Act of 1996 - Title I: Product Flexibility and Insurance - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to establish: (1) alternative mortgage insurance premium structures; and (2) demonstrations of underwriting, premiums, and insurance products to expand home ownership opportunities.
Extends Federal Housing Administration mortgage insurance authority.
Title II: Claims and Property Disposition Reform Initiatives - Revises single family claims procedures.
Title III: Streamlining Proposals - Revises eligibility and warranty provisions.
Authorizes: (1) delegation of insuring authority to direct endorsement mortgagees; and (2) use of amounts borrowed from family for downpayments.
Revises home equity conversion program provisions with respect to: (1) insurance limitations; and (2) consumer education requirements.
Provides 100 percent condominium mortgage insurance for disasters.
Repeals authority for Housing Insurance Fund expenditures to correct or compensate for substantial defects in mortgaged homes.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Housing and Community Opportunity.
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