H.R.600 - FHA Seller-Financed Downpayment Reform Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Green, Al [D-TX-9] (Introduced 01/16/2009)|
|Committees:||House - Financial Services|
|Latest Action:||01/16/2009 Referred to the House Committee on Financial Services. (All Actions)|
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Subject — Policy Area:
- Housing and Community Development
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Summary: H.R.600 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (01/16/2009)
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.