H.R. 600 · 111th Congress
FHA Seller-Financed Downpayment Reform Act of 2009
- Stage
- In committee
- Sponsor
- Al Green
- Introduced
- 2009-01-16
- Latest action
- 2009-01-16 · Introduced in House
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.