HR 600
111th Congress
House
Housing and Community Development
Civil actions and liability
Government lending and loan guarantees
Housing finance and home ownership
Real estate business
FHA Seller-Financed Downpayment Reform Act of 2009
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 16, 2009
Referred to the House Committee on Financial Services.
Jan 16, 2009
Introduced in House
Plain-English 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.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1