US HB600 | 2009-2010 | 111th Congress
Status
Spectrum: Partisan Bill (Democrat 23-1)
Status: Introduced on January 16 2009 - 25% progression, died in committee
Action: 2009-01-16 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 16 2009 - 25% progression, died in committee
Action: 2009-01-16 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
FHA Seller-Financed Downpayment Reform Act of 2009
Sponsors
Rep. Joe Baca [D-CA] | Rep. Sanford Bishop [D-GA] | Rep. Michael Capuano [D-MA] | Rep. Yvette Clarke [D-NY] |
Rep. Lacy Clay [D-MO] | Rep. Emanuel Cleaver [D-MO] | Rep. Gerald Connolly [D-VA] | Rep. Jim Costa [D-CA] |
Rep. Bart Gordon [D-TN] | Rep. Al Green [D-TX] | Rep. Jesse Jackson [D-IL] | Rep. Eddie Johnson [D-TX] |
Rep. Henry Johnson [D-GA] | Rep. Barbara Lee [D-CA] | Rep. Carolyn Maloney [D-NY] | Rep. Gary Miller [R-CA] |
Rep. Janice Schakowsky [D-IL] | Rep. Robert Scott [D-VA] | Rep. Albio Sires [D-NJ] | Rep. Bennie Thompson [D-MS] |
Rep. Debbie Wasserman Schultz [D-FL] | Rep. Maxine Waters [D-CA] | Rep. Robert Wexler [D-FL] | Rep. Charles Wilson [D-OH] |
History
Date | Chamber | Action |
---|---|---|
2009-01-16 | Referred to the House Committee on Financial Services. |
Subjects
Financial services and investments
Housing and community development
Housing finance and home ownership
Housing and community development
Housing finance and home ownership
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/house-bill/600/all-info |
Text | https://www.congress.gov/111/bills/hr600/BILLS-111hr600ih.pdf |