U.S. Congress - H.R.600 FHA Seller-Financed Downpayment Reform Act of 2009
H.R.600 - FHA Seller-Financed Downpayment Reform Act of 2009
To revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development under title II of the National Housing Act. view all titles (3)
All Bill Titles
- Official: To revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development under title II of the National Housing Act. as introduced.
- Popular: FHA Seller-Financed Downpayment Reform Act of 2009 as introduced.
- Short: FHA Seller-Financed Downpayment Reform Act of 2009 as introduced.
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OpenCongress Summary
This bill would reauthorize and reform downpayment assistance programs (DPA) for creditworthy home buyers, which include funds furnished directly or indirectly by the seller or any other party financially benefiting from the transaction.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.
Official Summary
1/16/2009--Introduced.FHA Seller-Financed Downpayment Reform Act of 2009 - Amends the National Housing Act to make exceptions to the prohibition against mortgage insurance for mortgages involving a downpayment using funds furnished by: (1) the seller or any party that benefits financiallyOfficial Summary
1/16/2009--Introduced.FHA Seller-Financed Downpayment Reform Act of 2009 - Amends the National Housing Act to make exceptions to the prohibition against mortgage insurance for mortgages involving a downpayment using funds furnished by:(1) the seller or any party that benefits financially from the transaction (seller-financed downpayment); or
(2) any third party that is reimbursed by the seller or any such party. Makes eligible for mortgage insurance, in spite of a seller-financed downpayment, any mortagors with credit scores equivalent to a FICO score of:
(1) 680 or more;
(2) at least 620 but less than 680; or
(3) 619 or less. Prescribes conditions for mortgage insurance in the latter two situations.
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Organizations Supporting H.R.600
- AmeriDream, Inc.
- DPA Groundswell
- Nehemiah Corp
- Care - 2 letters
Organizations Opposing H.R.600
- None via MapLight at this time.
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