3.0.0 3043 2023-01-13T04:47:53Z 2023-01-13T04:47:53Z House H HR 2005-06-23 109 hsba00 Financial Services Committee House Standing hsba04 Housing and Insurance Subcommittee Hearings by 2005-06-30T16:15:42Z Referred to 2005-06-30T16:15:29Z Reported by 2006-07-17T23:25:02Z Markup by 2006-05-24T16:41:30Z Referred to 2005-06-23T13:57:30Z H. Rept. 109-571 2006-07-17 Placed on the Union Calendar, Calendar No. 326. Calendars H12410 2 House floor actions U00326 2006-07-17 Reported (Amended) by the Committee on Financial Services. H. Rept. 109-571. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2006-07-17 Reported (Amended) by the Committee on Financial Services. H. Rept. 109-571. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2006-05-24 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2006-05-24 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2005-06-30 hsba04 Housing and Insurance Subcommittee 1 House committee actions Subcommittee Hearings Held. Committee 2005-06-30 hsba04 Housing and Insurance Subcommittee 1 House committee actions Referred to the Subcommittee on Housing and Community Opportunity. Committee 2005-06-23 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2005-06-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-06-23 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 2005-06-23 True 2006-06-01T04:00:00Z H.R. 3043, Zero Downpayment Pilot Program Act of 2005 http://www.cbo.gov/publication/17820 <p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 23, 2006</p> 2006-06-01T04:00:00Z H.R. 3043, Zero Downpayment Pilot Program Act of 2005 https://www.cbo.gov/publication/17820 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 23, 2006 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 2005-06-23 Introduced in House 2005-08-05T19:08:46Z Zero Downpayment Pilot Program Act of 2005 - 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: (1) the program to not more than ten percent of the aggregate number of FHA mortgages and loans insured in the preceding fiscal year; and (2) aggregate insured program mortgages to 50,000.

Suspends the program if claim rates exceed a certain FHA single-family claim rate.

Sunsets the program after September 30, 2010.

]]> 17 2006-07-17 Reported to House with amendment(s) 2006-09-19T15:07:45Z Zero Downpayment Pilot Program Act of 2006 - (Sec. 2) 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.

Requires a mortgage, to be eligible for insurance, to involve a principal obligation of not more than 100% of the property's appraised value plus any initial service charges, appraisal, inspection, and other related fees.

Requires independent mortgagor counseling prior to loan application, including specific counseling regarding real estate property management for mortgagors purchasing dwellings with two to three units.

Requires the mortgagee to provide the mortgagor with an option for notice of foreclosure prevention counseling, to be provided 60 days after delinquency.

Requires the Secretary to monitor and make necessary adjustments to mortgage premiums and underwriting standards, including limiting the availability of mortgage insurance, to ensure that the Mutual Mortgage Insurance Fund (MMIF) shall continue to generate a negative credit subsidy.

Requires a mortgagor credit evaluation by the Federal Housing Administration's (FHA) Technology Open To Approved Lenders (TOTAL) Mortgage Scorecard or other standardized credit scoring system.

Requires any mortgage involving a property on which is located a dwelling designed principally for a two- or three-family residence to meet any additional underwriting standards the Secretary may establish.

Requires a written mortgagee disclosure to the mortgagor of incremental costs.

Declares that the aggregate number of mortgages insured under this Act may not exceed 10% of the aggregate number of FHA mortgages and loans insured in the preceding fiscal year.

Sets the maximum aggregate number of insured program mortgages under this Act at 50,000.

Requires suspension of the program if the FHA single-family claim rate exceeds 3.5%.

Sunsets the program after September 30, 2010.

Directs the Comptroller General to: (1) report to Congress annually on the performance of mortgages insured under this Act; and (2) study and report to Congress on the financial soundness of the MMIF, and the impact of any expansion or extension upon it, if authority to insure mortgages is either expanded to more than 50,000 mortgages, or is extended to a date after September 30, 2010 (including any permanent extension of such authority).

]]> Zero Downpayment Pilot Program Act of 2006 Display Title Zero Downpayment Pilot Program Act of 2006 Official Title as Introduced To authorize the Secretary of Housing and Urban Development to carry out a pilot program to insure zero-downpayment mortgages for one-unit residences. Introduced in House IH Short Titles as Introduced Zero Downpayment Pilot Program Act of 2005 Short Titles as Reported to House Zero Downpayment Pilot Program Act of 2006 H House Reported in House 2006-07-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr3043rh/xml/BILLS-109hr3043rh.xml Introduced in House 2005-06-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr3043ih/xml/BILLS-109hr3043ih.xml 2006-07-17 Placed on the Union Calendar, Calendar No. 326. 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.