Summary: H.R.5575 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.5575. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (10/21/1988)

First-Time Homebuyers Assistance Act of 1988 - Directs the Secretary of Housing and Urban Development to establish a demonstration program to insure mortgages with no downpayments for qualifying first-time buyers.

Sets forth the following mortgagor eligibility criteria: (1) first-time homebuyer or certain divorced persons who previously had a home; (2) employment history for single-income or multiple-income mortgagors; (3) income-debt ratio; (4) rental history; and (5) income.

Sets forth the following mortgage eligibility criteria: (1) one-family primary residence; (2) no downpayment; (3) cost of dwelling; (4) interest rates; (5) interest premium; (6) federally regulated mortgage; (7) payment terms; and (8) building and health codes.

States that the United States shall be liable for such mortgages but not for any secondary or subsequent liens.

Establishes in the Treasury the First-Time Homebuyers Mortgage Insurance Fund to carry out such program.

Requires annual program reports to the Congress.

Prohibits new mortgages from being insured under this program after FY 1993. Limits aggregate mortgage commitments to $10,000,000.

Authorizes appropriations.