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

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.

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Documents

6 official files

• 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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