Amends the National Housing Act to extend for two years the Secretary's authority to insure housing loans and mortgages under specified insurance programs contained in such Act. Terminates the Secretary's authority to insure mortgages for nursing homes, intermediate care facilities, and hospitals after September 30, 1982, except pursuant to a commitment to insure made before that date.
Extends for one year the Secretary's authority to insure mortgages of mortgagors qualifying for homeownership assistance payments under such Act. Authorizes the appropriation of such funds as may be necessary to cover losses sustained by the General Insurance Fund. Amends the Housing and Urban Development Act of 1970 to authorize appropriations for research activities of the Department of Housing and Urban Development (HUD) for FY 1983 and 1984.
Amends the National Housing Act to repeal the Secretary's authority to establish maximum interest rates on Federal Housing Administration (FHA) loans.
Provides that housing mortgages or loans insured under programs that are extended beyond FY 1982, with specified exceptions, shall bear interest at such rate as may be agreed upon by the borrower and the lender.
(Currently, the Secretary sets or approves such interest rates within prescribed limits.) Continues the authority of the Secretary to set the maximum interest rate for insured mortgages of mortgagors receiving homeownership assistance payments.
Authorizes the Secretary to agree to an extension of the term of an insured mortgage on property or land to be improved or developed upon determining that unusual circumstances make such extension necessary to avoid undue hardship to the mortgagor.
Permits maximum mortgage amounts eligible for FHA insurance to be increased by the amount of the mortgage insurance premium paid at the time a mortgage is insured.
Excludes such premium from the mortgage downpayment required for such insurance.
Increases the amount of the principal obligation of a mortgage executed by a non-occupant mortgagor which is eligible for FHA insurance.
Declares that premium charges for FHA insurance of mortgages with alternative financing mechanisms are not required to be the same as premium charges for other FHA mortgages.
Eliminates the requirement that debentures issued by the Secretary in payment of insurance claims be redeemable at par plus accrued interest.
Makes it discretionary rather than mandatory for the Secretary to regulate the rents and rate of return on HUD-insured housing projects and to provide such insurance primarily to projects providing for families with children.
Permits the Secretary to insure mortgages of manufactured home parks designed exclusively for the elderly.
Eliminates special limitations on the amount of a mortgage involving refinancing for rehabilitation purposes which qualifies for FHA insurance.
Authorizes the Secretary to direct mortgagees who are exercising their option to assign certain insured mortgages to the Secretary to deliver the mortgages and original credit instruments directly to the Government National Mortgage Association in lieu of the Secretary. Authorizes the Association to hold and service such loans as agent for the Secretary. Eliminates the option of mortgagees to assign such insured mortgages to the Secretary with respect to commitments to insure entered into on or after the effective date of this Act. Eliminates the requirement that a condominium meet one of the following conditions to qualify for FHA insurance:
(1) the project containing the condominium is or has been federally-insured;
(2) there are less than 12 units in the project; or
(3) if the project has 12 or more units, it is more than one year old.
Repeals provisions limiting the amount of loans and mortgages the Secretary may insure on a coinsurance basis to 20 percent of the amount of all mortgages and loans insured by the Secretary. Extends for two years the Secretary's authority to insure graduated payment mortgages.
Eliminates the requirements that a mortgagor must be unable to afford a dwelling under any other mortgage insurance program and must not have owned a dwelling within the previous three years in order to qualify for graduated payment mortgage insurance.
Deletes restrictions on the number of graduated payment mortgages which may be insured during a year.
Gives the Secretary authority to insure graduated payment mortgages for housing projects consisting of five or more dwelling units.
Authorizes the Secretary to insure a limited number of adjustable rate mortgages for single-family homes (dwellings designed for occupancy by one to four families).
Permits annual interest rate adjustments of not to exceed one percent through adjustments in the monthly payment, the mortgage term, or a combination of both.
(1) extending the mortgage term beyond 40 years; or
(2) increasing the interest rate by more than five percentage points over the mortgage term.
Directs the Secretary to require the mortgagee to provide information to the mortgagor describing the features and maximum possible payment schedule for an adjustable rate mortgage.
Authorizes the Secretary to insure a specified number of shared appreciation mortgages for single-family homes and multifamily housing projects.
Requires the Secretary to establish the maximum interest rate which may be charged on such mortgages and the maximum percentage of the property's net appreciated value payable to a mortgagee upon sale or transfer of the property or payment in full of the mortgage.
Excludes a mortgagee's share of the net appreciated value from the mortgagee's insurance benefits in the event of a default.
Directs the Secretary to establish disclosure requirements applicable to mortgagees making shared appreciation mortgages.
Exempts such mortgages from State authority.
Requires a shared appreciation mortgage on a multifamily housing project to have a mortgage term of at least 15 years and to be repayable in monthly installments needed to retire the debt over 30 years.
Authorizes the Secretary to insure certain housing loans which do not completely amortize over the loan term.
Authorizes the Secretary to make expenditures to correct, or provide compensation for, structural defects in an FHA-insured single-family home for which a Veterans Administration loan guaranty was approved prior to construction.
Requires payment to the Government of mortgage insurance premiums promptly:
(1) upon their receipt from the borrower with respect to mortgages on single-family homes; and
(2) when due to the Secretary with respect to mortgages on multifamily housing projects.
Authorizes the Secretary to insure the mortgage of a single-family home that is located on an Indian reservation and purchased by a member of an Indian tribe for his or her principal place of residence, notwithstanding any other limitations of the National Housing Act. Amends the Housing and Community Development Amendments of 1978 to eliminate certain restrictions on the management and disposal of multifamily housing projects owned by HUD. Authorizes the Secretary to provide assistance based on a payment standard to very low-income tenants of specified multifamily projects.
Amends the Multifamily Mortgage Foreclosure Act of 1981 to repeal provisions authorizing or directing the Secretary to require the purchaser of a HUD-owned multifamily housing project at a foreclosure sale to continue to operate the project in accordance with the terms of the Act under which it was insured.
Authorizes the Secretary to require an applicant for financial assistance or mortgage or loan insurance to:
(1) include his or her social security number or employer identification number on designated forms; and
(2) sign a form authorizing the Secretary to verify and audit information furnished by the applicant and authorizing other agencies and private sources to release information relevant to the applicant's eligibility or benefit level.
Amends the Social Security Act to authorize State unemployment agencies to release to HUD and public housing agencies information concerning such applicant's wages and unemployment benefits.
Requires the entity responsible for determining eligibility for assistance or insurance to deny eligibility to any applicant who:
(1) has made false or misleading statements or concealed relevant facts; or
(2) has violated the authorizing Act or regulation.
Amends the Housing and Community Development Act of 1980 to prohibit the Secretary from providing financial assistance to aliens through a specified housing insurance program.
Amends the Real Estate Settlement Procedures Act of 1974 to repeal provisions which:
(1) prohibit any person from receiving any kickback or unearned fee incident to a real estate settlement service involving a federally related mortgage;
(2) prohibit any seller of property to be purchased with the assistance of a federally related mortgage loan from requiring that the buyer purchase title insurance from a particular title company; and
(3) require that the borrower be permitted to examine the settlement form the day before settlement in a transaction involving a federally related mortgage.
Permits a lender, in connection with a federally related mortgage loan, to require a deposit into an escrow account if under existing escrow procedures there is a shortage of funds to pay taxes, insurance premiums, or other charges due.
Amends the Housing and Urban Development Act of 1968 and the National Housing Act to repeal specified provisions authorizing housing counseling assistance to mortgagors.