Homeownership Assistance Act of 1988

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. Defines "first-time homebuyer" as an individual who or whose spouse has not owned a principal residence during the 18 months prior to a Federal Housing Administration (FHA) insured home purchase. Authorizes FHA to insure a mortgage loan up to 97 percent of appraised value for the first $50,000 (currently $25,000) of a home's value. Authorizes an FHA demonstration program to insure 100 percent of a home's value for a first-time homebuyer provided that the downpayment will be paid within three years by an additional monthly payment. Requires participants to receive financial counseling. 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. Requires the Secretary of Housing and Urban Development to submit annual program reports to the Congress.

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1 official file

• Introduced in House

  summary · EN · 3 June 1988

  Open at official source

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