H.R.1170 - First-Time Homebuyers Assistance Act of 1989101st Congress (1989-1990)
|Sponsor:||Rep. Schneider, Claudine [R-RI-2] (Introduced 02/28/1989)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 03/15/1989 Referred to the Subcommittee on Housing and Community Development. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1170 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (02/28/1989)
First-Time Homebuyers Assistance Act of 1989 - 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 mortgage and mortgagor eligibility criteria.
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.