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United States · Bill · HR

H.R. 4708 (100th)

Homeownership Assistance Act of 1988

referredUnited States· United States Congress· EN

Introduced

26 May 1988

Last action

1 June 1988 · Referred

Status

Referred to Subcommittee on Housing and Community Development.

Sponsors

Rep. Price, David E. [D-NC-4], Rep. Clement, Bob [D-TN-5], Rep. St Germain, Fernand J. [D-RI-1], Rep. Wylie, Chalmers P. [R-OH-15], Rep. Lancaster, H. Martin [D-NC-3], Rep. Gordon, Bart [D-TN-6], Rep. Barnard, Doug, Jr. [D-GA-10], Rep. Gilman, Benjamin A. [R-NY-20], Rep. Frank, Barney [D-MA-4], Rescom. Fuster, Jamie B. [D-PR-At Large], Rep. Daub, Hal [R-NE-2], Rep. Manton, Thomas J. [D-NY-7], Rep. Patterson, Elizabeth [D-SC-4], Rep. Mfume, Kweisi [D-MD-7], Rep. Roe, Robert A. [D-NJ-8], Sen. Wyden, Ron [D-OR], Rep. Towns, Edolphus [D-NY-10], Rep. Wolf, Frank R. [R-VA-10], Rep. Lloyd, Marilyn [D-TN-3], Rep. McMillan, J. Alex [R-NC-9], Rep. Foglietta, Thomas M. [D-PA-1], Rep. Darden, George (Buddy) [D-GA-7], Rep. Rinaldo, Matthew J. [R-NJ-7], Rep. Garcia, Robert [D-NY-18], Rep. Tallon, Robert M. (Robin) [D-SC-6], Rep. Lantos, Tom [D-CA-12], Rep. Studds, Gerry E. [D-MA-10], Rep. DioGuardi, Joseph J. [R-NY-20], Rep. Lewis, Thomas F. [R-FL-12], Rep. Tauke, Thomas Joseph [R-IA-2], Rep. Flake, Floyd H. [D-NY-6], Del. Fauntroy, Walter E. [D-DC-At Large], Rep. Saxton, Jim [R-NJ-3], Rep. Atkins, Chester G. [D-MA-5], Rep. Brennan, Joseph E. [D-ME-1], Rep. Martinez, Matthew G. [D-CA-31], Rep. Miller, John R. [R-WA-1], Rep. Florio, James J. [D-NJ-1], Rep. Hubbard, Carroll, Jr. [D-KY-1], Rep. Owens, Major R. [D-NY-11], Rep. Hatcher, Charles [D-GA-2], Rep. Bonior, David E. [D-MI-10], Rep. Collins, Cardiss [D-IL-7], Rep. Bryant, John W. [D-TX-5], Rep. Martin, Lynn M. [R-IL-16], Rep. Buechner, Jack [R-MO-2], Rep. Wise, Robert E., Jr. [D-WV-2], Rep. Bereuter, Doug [R-NE-1]

Subjects

Housing

Source updated

28 August 2025

Housing

Official sourceView documentsShare

Summary

Homeownership Assistance Act of 1988 - Amends the National Housing Act to create a special mortgage insurance program for first-time homebuyers. Authorizes insurance for up to 97 percent of the home's value. Authorizes the Federal Housing Administration (FHA) to insure a mortgage loan of up to 97 percent of appraised value for the first $50,000 (currently $25,000) of a home's value. Repeals the current dollar cap on FHA insured mortgages in high cost areas. Authorizes FHA to insure adjustable rate mortgages with annual interest rate increases of up to two percent (currently one percent). Repeals the aggregate annual limit on such insured loans. Defines "first-time homebuyer" as an individual who or whose spouse has not owned a principal residence during the 18 months prior to an FHA insured home purchase. Authorizes an FHA demonstration program to insure mortgages for first-time homebuyer downpayments where the purchase is primarily financed or assisted by tax-exempt or other government assistance. Limits the downpayment loan to $7,500. Requires participants to receive financial counseling. Sets a maximum ten year loan maturity period. Amends the Federal National Mortgage Association Charter Act to authorize the Government National Mortgage Association to create a secondary market for first-time homebuyer downpayment loans. Authorizes an FHA demonstration program to insure 100 percent of a home's value for a first-time homebuyer provided that the donwnpayment will be paid within three years by an additional monthly payment. Requires participants to receive financial counseling. Amends the Deficit Reduction Act of 1984 to empower the Internal Revenue Service to confiscate defaulting taxpayers' tax refunds. Requires the Secretary to submit program reports to the Congress within one year of enactment of this Act.

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Timeline

  1. 26 May 1988

    Introduced

    Referred to House Committee on Banking, Finance and Urban Affairs.

    Source: IntroReferral

  2. 26 May 1988

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 26 May 1988

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 1 June 1988

    Referred

    Referred to Subcommittee on Housing and Community Development.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

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Sources

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