The "Alternative Data for Additional Credit FHA Pilot Program Reauthorization Act" aims to renew a program that allows the Federal Housing Administration (FHA) to consider alternative data sources in assessing creditworthiness for mortgage applicants. This bill seeks to expand access to credit by enabling lenders to use non-traditional data, such as rental history and utility payments, in their loan approval process. By reauthorizing this pilot program, the legislation intends to help more individuals qualify for FHA-insured mortgages and promote greater inclusivity in the housing market.
2023-01-09: Introduced in House
2023-01-09: Referred to the House Committee on Financial Services.
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