An amendment numbered 3 printed in House Report 110-330 to allow qualified down payment assistance providers to participate in the FHA Program if certain conditions are satisfied (i.e. no obligation for mortgagor to repay and net worth requirement). The Secretary shall consider as cash or its equivalent any amounts gifted by a family member, the mortgagor's employer or labor union, or a qualified homeownership assistance entity, but only if there is no obligation on the part of the mortgagor to repay the gift.

passedUnited States· United States Congress· EN

Introduced

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Last action

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Status

On agreeing to the Miller, Gary amendment (A003) Agreed to by voice vote.

Records

Official amendment HAMDT 796 (110th) from United States at United States Congress. Status: On agreeing to the Miller, Gary amendment (A003) Agreed to by voice vote..

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Related records

amends → Expanding American Homeownership Act of 2007

Sources

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Official source: https://www.congress.gov/amendment/110th-congress/hamdt-796
Open data entity: https://api.congress.gov/v3/amendment/110/hamdt/796
us · 110-hamdt-796 · source updated 3 February 2022