Mortgage Rate Reduction Act

HR 892, the Mortgage Rate Reduction Act, clarifies that the Federal Housing Administration (FHA), Department of Agriculture, and Department of Veterans Affairs (VA) may insure or guarantee *second mortgages* on properties where a first mortgage is already insured under their programs. This change allows subsequent homebuyers to assume the original first mortgage more easily when purchasing a property with an insured first mortgage. The bill also requires these agencies to publicly disclose property addresses and mortgage origination dates for all insured/guaranteed loans within one year of enactment. It does not lower mortgage interest rates but modifies existing program rules to expand second mortgage eligibility.