HR 3861
117th Congress
House
Finance and Financial Sector
Making FHA Work for Borrowers with Student Debt Act of 2021
Introduced: June 14, 2021
Introduced by:
Meeks, Gregory W.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 14, 2021
Referred to the House Committee on Financial Services.
Jun 14, 2021
Introduced in House
Plain-English summary
Making FHA Work for Borrowers with Student Debt Act of 2021
This bill requires the Federal Housing Administration (FHA) to modify its treatment of student loan debt for purposes of determining eligibility for federally insured mortgages for single-family homes. Specifically, the FHA must calculate a borrower's student loan debt obligation as the monthly payment required in connection with the loan or, if no monthly payment is required, 0.5% of the outstanding balance of the loan. Currently, the FHA calculates a borrower's student loan debt obligation as 1% of the outstanding balance of the loan.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1
Cosponsors
1