A small-dollar mortgage is defined as $100,000 or less with federal backing
What the document says“The term ``small-dollar mortgage'' means a mortgage loan having an original principal obligation of not more than $100,000 that is-- (A) secured by real property designed for 1 to 4 dwelling units; and”
The section defines a small-dollar mortgage as a loan of no more than $100,000 secured by property designed for one to four dwelling units that is insured by the Federal Housing Administration, made, guaranteed, or insured by the Department of Veterans Affairs or the Department of Agriculture, or eligible to be bought or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.
What the document actually says“The term ``small-dollar mortgage'' means a mortgage loan having an original principal obligation of not more than $100,000 that is-- (A) secured by real property designed for 1 to 4 dwelling units; and”
The loan starts at one hundred thousand dollars or less. The home behind it holds one to four families.
The loan must also have federal backing of some kind. Several agencies count. So does being fit for two big mortgage buyers.
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