FHA Seller-Financed Downpayment Reform Act of 2009

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.

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Timeline

1. 16 January 2009

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 16 January 2009

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 January 2009

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 16 January 2009 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 January 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 16 January 2009

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 16 January 2009

  Open at official source

Sponsors

• Al Green · D · Sponsor
• Maxine Waters · D · Sponsor
• Rep. Miller, Gary G. [R-CA-31] · R · Sponsor
• Debbie Wasserman Schultz · D · Cosponsor
• Henry Johnson · D · Cosponsor
• Rep. Wexler, Robert [D-FL-19] · D · Cosponsor
• Albio Sires · D · Cosponsor
• Sanford Bishop · D · Cosponsor
• EDDIE JOHNSON · D · Cosponsor
• Rep. Gordon, Bart [D-TN-6] · D · Cosponsor
• Rep. Wilson, Charles A. [D-OH-6] · D · Cosponsor
• Jim Costa · D · Cosponsor
• Gerald Connolly · D · Cosponsor
• Barbara Lee · D · Cosponsor
• Yvette Clarke · D · Cosponsor
• Bennie Thompson · D · Cosponsor
• Janice Schakowsky · D · Cosponsor
• Robert Scott · D · Cosponsor
• MICHAEL CAPUANO · D · Cosponsor
• Rep. Baca, Joe [D-CA-43] · D · Cosponsor
• CAROLYN MALONEY · D · Cosponsor
• WM. CLAY · D · Cosponsor
• Rep. Jackson, Jesse L., Jr. [D-IL-2] · D · Cosponsor
• Emanuel Cleaver · D · Cosponsor
• · hsba00 · Standing

Related records

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