H.R. 3755, Zero Downpayment Act of 2004

3.0.0 3755 2023-01-15T09:47:47Z 2023-01-15T09:47:47Z House H HR 2004-02-03 108 hsba00 Financial Services Committee House Standing hsba04 Housing and Insurance Subcommittee Reported by 2004-05-05T19:19:27Z Markup by 2004-05-05T19:19:14Z Hearings by 2004-03-24T16:43:43Z Referred to 2004-02-05T16:38:49Z Reported by 2004-10-07T00:10:26Z Markup by 2004-06-03T19:46:36Z Referred to 2004-02-03T17:30:50Z H. Rept. 108-748 2004-10-06 Placed on the Union Calendar, Calendar No. 465. Calendars H12410 2 House floor actions U00465 2004-10-06 Reported (Amended) by the Committee on Financial Services. H. Rept. 108-748. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2004-10-06 Reported (Amended) by the Committee on Financial Services. H. Rept. 108-748. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2004-06-03 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2004-06-03 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2004-05-05 hsba04 Housing and Insurance Subcommittee 1 House committee actions Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote. Committee 2004-05-05 hsba04 Housing and Insurance Subcommittee 1 House committee actions Subcommittee Consideration and Mark-up Session Held. Committee 2004-03-24 hsba04 Housing and Insurance Subcommittee 1 House committee actions Subcommittee Hearings Held. Committee 2004-02-05 hsba04 Housing and Insurance Subcommittee 1 House committee actions Referred to the Subcommittee on Housing and Community Opportunity. Committee 2004-02-03 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2004-02-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2004-02-03 Introduced in House IntroReferral 1000 9 Library of Congress T000462 Rep. Tiberi, Patrick J. [R-OH-12] PATRICK TIBERI R OH J. 12 N S001157 Rep. Scott, David [D-GA-13] David Scott D GA 13 2004-02-03 True O000163 Rep. Oxley, Michael G. [R-OH-4] MICHAEL OXLEY R OH G. 4 2004-02-03 True N000081 Rep. Ney, Robert W. [R-OH-18] BOB NEY R OH 18 2004-02-03 True T000463 Rep. Turner, Michael R. [R-OH-3] Michael Turner R OH R. 3 2004-02-03 True G000545 Rep. Green, Mark [R-WI-8] MARK GREEN R WI 8 2004-02-03 True K000210 Rep. King, Peter T. [R-NY-3] PETER KING R NY T. 3 2004-02-03 True R000574 Rep. Renzi, Rick [R-AZ-1] Rick Renzi R AZ 1 2004-02-03 True L000558 Rep. Lucas, Ken [D-KY-4] KEN LUCAS D KY 4 2004-02-03 True C001049 Rep. Clay, Wm. Lacy [D-MO-1] WM. CLAY D MO LACY 1 2004-02-03 True P000555 Rep. Pryce, Deborah [R-OH-15] DEBORAH PRYCE R OH 15 2004-02-10 False H001033 Rep. Hart, Melissa A. [R-PA-4] MELISSA HART R PA A. 4 2004-02-10 False O000166 Rep. Otter, C. L. (Butch) [R-ID-1] C. L. OTTER R ID 1 2004-02-10 False H000636 Rep. Hinojosa, Ruben [D-TX-15] RUBEN HINOJOSA D TX 15 2004-02-10 False S001144 Rep. Shays, Christopher [R-CT-4] CHRISTOPHER SHAYS R CT 4 2004-02-10 False F000262 Rep. Ford, Harold E., Jr. [D-TN-9] HAROLD FORD D TN E. 9 2004-02-10 False G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2004-02-10 False W000795 Rep. Wilson, Joe [R-SC-2] Joe Wilson R SC 2 2004-02-24 False M001144 Rep. Miller, Jeff [R-FL-1] Jeff Miller R FL 1 2004-02-24 False M001149 Rep. Michaud, Michael H. [D-ME-2] Michael Michaud D ME H. 2 2004-02-24 False B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 2004-02-24 False L000287 Rep. Lewis, John [D-GA-5] JOHN LEWIS D GA 5 2004-02-24 False B000490 Rep. Bishop, Sanford D., Jr. [D-GA-2] SANFORD BISHOP D GA D. 2 2004-02-24 False M001145 Rep. Majette, Denise L. [D-GA-4] Denise Majette D GA L. 4 2004-02-24 False O000159 Rep. Owens, Major R. [D-NY-11] MAJOR OWENS D NY R. 11 2004-03-02 False H001035 Rep. Harris, Katherine [R-FL-13] Katherine Harris R FL 13 2004-03-02 False P000034 Rep. Pallone, Frank, Jr. [D-NJ-6] FRANK PALLONE D NJ 6 2004-03-02 False E000287 Rep. Emanuel, Rahm [D-IL-5] Rahm Emanuel D IL 5 2004-03-10 False M001147 Rep. McCotter, Thaddeus G. [R-MI-11] Thaddeus McCotter R MI G. 11 2004-03-10 False D000210 Rep. Delahunt, William D. [D-MA-10] William Delahunt D MA D. 10 2004-03-10 False M001150 Rep. Miller, Candice S. [R-MI-10] Candice Miller R MI S. 10 2004-03-16 False P000099 Rep. Pastor, Ed [D-AZ-4] ED PASTOR D AZ 4 2004-03-23 False M000087 Rep. Maloney, Carolyn B. [D-NY-14] CAROLYN MALONEY D NY B. 14 2004-03-23 False F000447 Rep. Feeney, Tom [R-FL-24] Tom Feeney R FL 24 2004-03-24 False W000672 Rep. Wolf, Frank R. [R-VA-10] FRANK WOLF R VA R. 10 2004-03-31 False J000070 Rep. Jefferson, William J. [D-LA-2] WILLIAM JEFFERSON D LA J. 2 2004-04-21 False R000573 Rep. Ross, Mike [D-AR-4] MIKE ROSS D AR 4 2004-04-28 False E000172 Rep. Emerson, Jo Ann [R-MO-8] JO EMERSON R MO ANN 8 2004-04-28 False B001231 Rep. Berkley, Shelley [D-NV-1] SHELLEY BERKLEY D NV 1 2004-04-28 False B001246 Rep. Bradley, Jeb [R-NH-1] Jeb Bradley R NH 1 2004-04-28 False A000014 Rep. Abercrombie, Neil [D-HI-1] NEIL ABERCROMBIE D HI 1 2004-04-30 False I000057 Rep. Israel, Steve [D-NY-2] STEVE ISRAEL D NY 2 2004-04-30 False S001155 Rep. Sullivan, John [R-OK-1] John Sullivan R OK 1 2004-04-30 False S000851 Rep. Stenholm, Charles W. [D-TX-17] CHARLES STENHOLM D TX W. 17 2004-04-30 False N000051 Rep. Nethercutt, George R., Jr. [R-WA-5] GEORGE NETHERCUTT R WA 5 2004-05-04 False F000116 Rep. Filner, Bob [D-CA-51] BOB FILNER D CA 51 2004-05-04 False N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 2004-05-04 False G000309 Rep. Gordon, Bart [D-TN-6] BART GORDON D TN 6 2004-05-04 False A000361 Rep. Alexander, Rodney [D-LA-5] Rodney Alexander D LA 5 2004-05-04 False F000440 Rep. Fossella, Vito [R-NY-13] VITO FOSSELLA R NY 13 2004-05-04 False D000602 Rep. Davis, Artur [D-AL-7] Artur Davis D AL 7 2004-05-05 False G000544 Rep. Gonzalez, Charles A. [D-TX-20] CHARLES GONZALEZ D TX A. 20 2004-05-17 False M001138 Rep. Manzullo, Donald A. [R-IL-16] DONALD MANZULLO R IL 16 2004-05-17 False R000571 Rep. Rehberg, Dennis R. [R-MT-At Large] DENNIS REHBERG R MT R. 0 2004-05-17 False P000585 Rep. Platts, Todd Russell [R-PA-19] TODD PLATTS R PA RUSSELL 19 2004-05-17 False N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2004-05-17 False C001058 Rep. Chandler, Ben [D-KY-6] Ben Chandler D KY 6 2004-06-01 False B001234 Rep. Baca, Joe [D-CA-43] JOE BACA D CA 43 2004-06-01 False M001146 Rep. Marshall, Jim [D-GA-3] Jim Marshall D GA 3 2004-06-01 False M001151 Rep. Murphy, Tim [R-PA-18] Tim Murphy R PA 18 2004-06-01 False M000309 Rep. McCarthy, Carolyn [D-NY-4] CAROLYN MCCARTHY D NY 4 2004-06-02 False S001152 Rep. Simmons, Rob [R-CT-2] ROB SIMMONS R CT 2 2004-06-16 False T000459 Rep. Terry, Lee [R-NE-2] LEE TERRY R NE 2 2004-06-22 False H001029 Rep. Hayes, Robin [R-NC-8] ROBIN HAYES R NC 8 2004-06-25 False W000784 Rep. Wynn, Albert Russell [D-MD-4] ALBERT WYNN D MD R. 4 2004-06-25 False W000792 Rep. Weiner, Anthony D. [D-NY-9] ANTHONY WEINER D NY D. 9 2004-07-08 False L000559 Rep. Langevin, James R. [D-RI-2] JAMES LANGEVIN D RI R. 2 2004-09-08 False K000078 Rep. Kelly, Sue W. [R-NY-19] SUE KELLY R NY W. 19 2004-09-14 False 2004-06-21T04:00:00Z H.R. 3755, Zero Downpayment Act of 2004 http://www.cbo.gov/publication/15760 <p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on June 3, 2004</p> 2004-06-21T04:00:00Z H.R. 3755, Zero Downpayment Act of 2004 https://www.cbo.gov/publication/15760 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on June 3, 2004 Housing and Community Development Condominium (Housing) Congress Congressional investigations Congressional reporting requirements Cooperative housing Counseling Economics and Public Finance Federally-guaranteed loans Finance and Financial Sector Foreclosure Government Operations and Politics Government paperwork Government trust funds Housing finance Insurance premiums Mobile homes Mortgage guaranty insurance Mortgages Single family housing Social Welfare Housing and Community Development

00 2004-02-03 Introduced in House 2004-12-13T21:37:46Z Zero Downpayment Act of 2004 - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to insure zero-downpayment mortgages for one-family residences.

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17 2004-10-06 Reported to House with amendment(s) 2004-12-14T21:29:50Z Zero Downpayment Act of 2004 - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to insure first-time homeowner zero-downpayment mortgages for one-family residences, including one- to three-unit dwellings, condominiums, cooperatives, and manufactured housing.

Limits the principal obligation on an insured mortgage to not more than 100 percent of the property's appraised value plus any initial service charges, appraisal, inspection, and other related fees.

Requires: (1) independent mortgagor counseling prior to applying for a loan, including specific counseling regarding real estate property management for mortgagors purchasing dwellings with two to three units; and (2) the mortgagee to provide the mortgagor with an option for notice of foreclosure prevention counseling, which shall become effective 60 days after delinquency.

Requires: (1) the Secretary to monitor and make adjustments (mortgage premiums and availability and underwriting standards) to such program; (2) mortgagor credit evaluation by the Federal Housing Administration's (FHA) TOTAL Mortgage Scorecard or other standardized credit scoring system; (3) additional underwriting standards for borrowers purchasing two- to three-unit dwellings; and (4) written mortgagee disclosure to the mortgagor of incremental costs.

Limits the program to not more than ten percent of the aggregate number of FHA mortgages and loans insured in the preceding fiscal year. Suspends the program if claim rates exceed a certain FHA single-family claim rate.

Requires a Government Accountability Office (GAO) program report within two years of enactment of this Act and annually thereafter.

Sunsets the program after September 30, 2009.

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Zero Downpayment Act of 2004 Display Title Zero Downpayment Act of 2004 Official Title as Introduced To authorize the Secretary of Housing and Urban Development to insure zero-downpayment mortgages for one-unit residences. Introduced in House IH Short Titles as Reported to House Zero Downpayment Act of 2004 H House Short Titles as Introduced Zero Downpayment Act of 2004 Reported in House 2004-10-06T04:00:00Z Introduced in House 2004-02-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-108hr3755ih/xml/BILLS-108hr3755ih.xml 2004-10-06 Placed on the Union Calendar, Calendar No. 465. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.