[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 859 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 859

  To amend section 203 of the National Housing Act to reduce the down 
  payment required by a first-time homebuyer purchasing a home with a 
                  mortgage insured under such section.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 5, 2001

 Mr. LaFalce introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend section 203 of the National Housing Act to reduce the down 
  payment required by a first-time homebuyer purchasing a home with a 
                  mortgage insured under such section.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FHA First-Time Homebuyer Act''.

SEC. 2. REDUCED DOWNPAYMENT REQUIREMENTS FOR FIRST-TIME HOMEBUYERS.

    (a) In General.--Section 203(b)(10) of the National Housing Act (12 
U.S.C. 1709(b)) is amended--
            (1) by redesignating subparagraph (B) as subparagraph (C); 
        and
            (2) by inserting after subparagraph (A) the following new 
        subparagraph:
                    ``(B) Reduced closing costs for first-time 
                homebuyers.--In the case of any mortgage for which the 
                mortgagor is a first-time homebuyer who has completed a 
                counseling program described in subsection (c)(2)(A), 
                the amount of the mortgage premium paid at the time the 
                mortgage is insured shall be considered to be, for 
                purposes of subparagraph (A)(i), the maximum premium 
                amount authorized to be established under the first 
                sentence of subparagraph (A) of subsection (c)(2).''.
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