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)

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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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Bill's Views

  • Today: 3
  • Past Seven Days: 12
  • All-Time: 12,912
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/15/09
 
 
 
 
 
 
 

Official Bill Text Comment on about 5 Pages

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 financially
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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 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.
See the money trail behind this bill for more info on how campaign contributions may be influencing senators' and representatives' votes.


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Recent News Coverage

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02/17/09
DLA Piper: authorities ‘ask, demand or beg’ for more taxes

They can switch to grey schemes such as splitting an enterprise into several physical persons-entrepreneurs which will, for example, pay a fixed Hr 600 tax ...

Source: Kyiv Post, Ukraine
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01/29/09
Green Introduces Revised Seller-Funded DPA Bill

s outreach arm, Groundswell2, has been sending out e-mails asking mortgage brokers to urge Congress to include HR 600 in the new stimulus package sought by ...

Source: Inside Mortgage Finance, MD
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01/27/09
Dear Mr. President: AmeriDream Pens Open Letter to President Obama ...

To read the letter in its entirety, or to learn how to support HR 600, visit http://www.ameridream.org/SupportUs/HR600/. BACKGROUND: AmeriDream, a 501(c)(3) ...

Source: PR Newswire (press release), NY
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Recent Blog Coverage

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12/31/10
Congressional – Deep Thoughts | Home Equity Loans Pa

HR 600 is already a bill proposed by a Texas congressman to address this very issue, but it's dormant. It needs your help. Why would we stop a seller from giving up (on their own ambition) a piece of the fairly derived value of the home ...

Source: Home Equity Loans Pa
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12/25/10
Schumer's Office Visit

Conservative Society for Action (CSA) delivers a proclamation from “WE the people” asking Senator Schumer to oppose HR 600, HR 4200, Sen Res 703, and more. Independent media covering the event were barred from excercising their right to ...

Source: Vote For Media Fairness
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12/24/10
The Chronicles of A Steel Magnolia: Are you a "Distinguished ...

On behalf of the Congressional Black Caucus, Congresswoman Jackson-Lee, honored Jackson as a global humanitarian and musical ambassador on behalf of America in HR 600. Jackson-Lee noted how Jackson kept walking through the despair, ...

Source: The Chronicles of A Steel Magnolia
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