The Mortgage Insurance Freedom Act
HR 10498, the Mortgage Insurance Freedom Act, stops the collection of annual mortgage insurance premiums for homeowners with FHA-insured mortgages once the remaining loan balance (excluding the premium portion) falls to 78% or less of the home's original sales price or appraised value at purchase. This directly affects FHA mortgage borrowers who reach this 78% threshold, eliminating their annual insurance payments. The bill includes an exception if the Mutual Mortgage Insurance Fund's capital ratio drops below 2%, and requires the Secretary to create rules and provide outreach to help borrowers demonstrate eligibility for the premium halt. The change applies only to mortgages endorsed after the bill's enactment.
Bill status
in committee
1 of 4 stages cleared
Introduction
Dec 2024
Committee Review
Floor Vote
President
Introduced Dec 18, 2024
Last action Dec 18, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Dec 18, 2024
Committee
Referred to the House Committee on Financial Services.
lower
Dec 18, 2024
Introduced
Introduced in House
lower
1 primary · 1 co-sponsor
Sponsors
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