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United States · Bill · HR

H.R. 6694 (110th)

FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008

openUnited States· United States Congress· EN

Introduced

31 July 2008

Last action

2 October 2008 · Reported

Status

Placed on the Union Calendar, Calendar No. 582.

Sponsors

Rep. Green, Al [D-TX-9], Rep. Miller, Gary G. [R-CA-42], Rep. Waters, Maxine [D-CA-43], Rep. Shays, Christopher [R-CT-4], Rep. Sires, Albio [D-NJ-13], Rep. Matsui, Doris O. [D-CA-7], Rep. Terry, Lee [R-NE-2], Rep. Cardoza, Dennis A. [D-CA-18], Rep. Lee, Barbara [D-CA-12], Rep. Tiberi, Patrick J. [R-OH-12], Rep. Johnson, Eddie Bernice [D-TX-30], Rep. Wilson, Charles A. [D-OH-6], Rep. Clay, Wm. Lacy [D-MO-1], Rep. Cleaver, Emanuel [D-MO-5], Rep. Carson, André [D-IN-7], Rep. Rothman, Steven R. [D-NJ-9], Rep. Pascrell, Bill, Jr. [D-NJ-9], Rep. Wasserman Schultz, Debbie [D-FL-25], Rep. Baca, Joe [D-CA-43], Rep. Lungren, Daniel E. [R-CA-3], Rep. Larsen, Rick [D-WA-2], Rep. Lofgren, Zoe [D-CA-18], Rep. Shimkus, John [R-IL-15], Rep. Walsh, James T. [R-NY-25], Rep. Gordon, Bart [D-TN-6], Rep. Diaz-Balart, Lincoln [R-FL-21], Rep. Sutton, Betty [D-OH-13], Rep. Towns, Edolphus [D-NY-10], Rep. Berman, Howard L. [D-CA-28]

Subjects

Housing

Source updated

7 April 2025

Housing

Official sourceDownload fileView documentsShare

Summary

FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 - 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. Amends the FHA Modernization Act of 2008 to authorize the Secretary of Housing and Urban Development to implement a risk-based premium product for borrowers with lower credit or FICO scores through the establishment and collection of adequate mortgage insurance premiums to cover the risks of such loans. Requires the Secretary to provide for a refund of a portion or all of the higher risk-based premiums paid at the time of insurance by such borrowers as a result of risk-based pricing, but only those borrowers with a history of on-time mortgage payments. Requires payment of such refund upon payment in full of the underlying mortgage obligation.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 31 July 2008

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 31 July 2008

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 31 July 2008

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 16 September 2008

    Reported

    Ordered to be Reported (Amended) by Voice Vote.

    Source: Committee

  5. 16 September 2008

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  6. 2 October 2008

    Calendars

    Placed on the Union Calendar, Calendar No. 582.

    Source: Calendars

  7. 2 October 2008

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 110-905.

    Source: Committee

  8. 2 October 2008

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 110-905.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

6 official files

Reported in House (text)

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Leesvertaling

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  • Reported in House (text)

    Reported in House · EN · 2 October 2008

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  • Reported in House (PDF)

    Reported in House · EN · 2 October 2008

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  • Reported to House with amendment(s)

    summary · EN · 2 October 2008

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  • Introduced in House (text)

    Introduced in House · EN · 31 July 2008

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  • Introduced in House (PDF)

    Introduced in House · EN · 31 July 2008

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  • Introduced in House

    summary · EN · 31 July 2008

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Sponsors

Related records

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Sources

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