S.2008 - Federal Government - A bill to reform the single family housing loan guarantee program under the Housing Act of 1949.

A bill to reform the single family housing loan guarantee program under the Housing Act of 1949. 8/3/2007--Introduced. Home Ownership Made Easier Act or the HOME Act - Amends the Housing Act of 1949 to revise eligibility, qualifying population limit, guarantee fee, and refinancing requirements of the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program.Replaces the current 115% of area median income eligibility limit for families with three income tiers, including households of up to four members, of up to eight members, and of over eight members.Repeals the requirement that the loan applicant qualify for other specified federal housing loans as well. Requires the single-family residence acquired or constructed with such a loan to be located in a rural area (as under current law), but allows the area population to range up to 40,000.Increases from 1% to 2% of the principal obligation of a guaranteed loan the guarantee fee which the Secretary [...]

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