H.R. 600 · 111th Congress
FHA Seller-Financed Downpayment Reform Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
GreenSponsor23 cosponsors · 22 D, 1 R
R
Miller
MW
D
Waters
SB
D
Bishop
JC
D
Costa
BG
D
Gordon
EJ
D
Johnson
HJ
D
Johnson
AS
D
Sires
RW
D
Wexler
DW
D
Wasserman Schultz
CW
D
Wilson
YC
D
Clarke
GC
D
Connolly
BL
D
Lee
BT
D
Thompson
BS
D
Scott
JS
D
Schakowsky
MC
D
Capuano
JB
D
Baca
CM
D
Maloney
WC
D
Clay
JJ
D
Jackson
EC
D
Cleaver2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in House · Jan 16, 2009
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: FHA Seller-Financed Downpayment Reform Act of 2009
Latest action (Jan 16, 2009): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Jan 16, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.