FHA Seller-Financed Downpayment Reform Act of 2009
Latest action · Jan 16, 2009 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 16, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 23
Members who signed on, in the order they did. Signatures ran from Jan 16, 2009 to Jan 19, 2010; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-CA | Gary G. Miller | Original | Jan 16, 2009 |
| D-CA | Maxine Waters | Original | Jan 16, 2009 |
| D-NJ | Albio Sires | Feb 9, 2009 | |
| D-TN | Bart Gordon | Feb 9, 2009 | |
| D-OH | Charles A. Wilson | Feb 9, 2009 | |
| D-FL | Debbie Wasserman Schultz | Feb 9, 2009 | |
| D-TX | Eddie Bernice Johnson | Feb 9, 2009 | |
| D-GA | Henry C. "Hank" Johnson, Jr. | Feb 9, 2009 | |
| D-CA | Jim Costa | Feb 9, 2009 | |
| D-FL | Robert Wexler | Feb 9, 2009 | |
| D-GA | Sanford D. Bishop, Jr. | Feb 9, 2009 | |
| D-CA | Barbara Lee | Feb 25, 2009 | |
| D-MS | Bennie G. Thompson | Feb 25, 2009 | |
| D-VA | Gerald E. Connolly | Feb 25, 2009 | |
| D-NY | Yvette D. Clarke | Feb 25, 2009 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jan 16, 2009 |
Actions 2
Everything that happened, newest first.
- Jan 16, 2009Introduced in House
- Jan 16, 2009Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 111-36 | THE SECTION 8 VOUCHER REFORM ACT38 pages | Financial Services Committee | May 21, 2009 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development under title II of the National Housing Act.
- Short Titles as Introduced
- FHA Seller-Financed Downpayment Reform Act of 2009
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- Jan 16, 2009Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
