PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3781
- (v) ANNUAL REPORT. — The Secretary of Housing and Urban
Development shall submit to the Congress an annuied report on the single family mortgage insurance program under this section. Each report shall set forth— (1) an analysis of the income groups served by the single family insurance program, including— "(A) the percentage of borrowers whose incomes do not exceed 100 percent of the median income for the area; "(B) the percentage of borrowers whose incomes do not exceed 80 percent of the median income for the area; and "(C) the percentage of borrowers whose incomes do not exceed 60 percent of the median income for the area; "(2) an analysis of the percentage of minority borrowers annually assisted by the program; the percentage of central city borrowers assisted and the percentage of rural borrowers assisted by the program; "(3) the extent to which the Secretary in carrying out the program has employed methods to ensure that needs of low and moderate income families, underserved areas, and historically disadvantaged groups are served by the program; and "(4) the current impediments to having the program serve low and moderate income borrowers; borrowers from central city areas; borrowers from rural areas; and minority borrowers. SEC. 505. MAXIMUM PRINCIPAL OBLIGATION OF MORTGAGES FOR VETERANS. (a) IN GENERAL.— The first sentence of the last imdesignated paragraph of section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)) is amended by striking "Notwithstanding anv other provision of this paragraph," and inserting "Except with respect to mortgages executed by mortgagors who are veterans,". (b) TECHNICAL AMENDMENT. — Section 203(b)(9) of the National Housing Act (12 U.S.C. 1709(b)(9)) is amended by striking "(except in a case to which the next to the last sentence of paragraph (2) applies)" and inserting "(except with respect to a mortgage executed by a mortgagor who is a veteran)". SEC. 506. PREPURCHASE COUNSELING REQUIREMENT. (a) IN GENERAL. — Section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)) is amended by inserting at the end the following new undesignated paragraph: "Notwithstanding any other provision of this paragraph, the Secretary may not insure, or enter into a commitment to insure, a mortgage under this section that is executed by a first-time homebuyer and that involves a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) in excess of 97 percent of the appraised value of the property unless the mortgagor has completed a program of counseling with respect to the responsibilities and financial management involved in homeownership that is approved by the Secretary; except that the Secretary may, in the discretion of the Secretary, waive the applicability of this requirement. ". (b) EFFECTIVE DATE. — The amendment made by subsection (a) 12 USC 1709 shall apply to mortgages for which commitmento for insurance "^^-
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