[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3755 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 3755

 To authorize the Secretary of Housing and Urban Development to insure 
          zero-downpayment mortgages for one-unit residences.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 3, 2004

Mr. Tiberi (for himself, Mr. Scott of Georgia, Mr. Oxley, Mr. Ney, Mr. 
   Turner of Ohio, Mr. Green of Wisconsin, Mr. King of New York, Mr. 
 Renzi, Mr. Lucas of Kentucky, and Mr. Clay) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To authorize the Secretary of Housing and Urban Development to insure 
          zero-downpayment mortgages for one-unit residences.

    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 ``Zero Downpayment Act of 2004''.

SEC. 2. INSURANCE FOR ZERO-DOWNPAYMENT MORTGAGES.

    The National Housing Act is amended as follows:
            (1) Mortgage insurance authority.--In Section 203 (12 
        U.S.C. 1709) by adding at the end the following new subsection:
    ``(y) Zero-Downpayment Mortgages.--Notwithstanding any other 
provision of this section or any other section of this title, the 
Secretary is authorized to insure, and to commit to insure, any 
mortgage involving a property upon which there is located a dwelling 
designed principally for a 1-family residence which (1) involves a 
principal obligation not in excess of 100 percent of the applicable 
maximum dollar amount limit under subsection (b)(2)(A) for a one-unit 
dwelling, and (2) is not in excess of 100 percent of the appraised 
value of the property plus any initial service charges, appraisal, 
inspection, and other fees in connection with the mortgage as approved 
by the Secretary. The Secretary is authorized to establish any 
additional requirements as may be necessary, or appropriate, including 
requirements regarding mortgagor and property eligibility.''.
            (2) General insurance fund.--In section 519(e) (12 U.S.C. 
        1735c(e)), by striking ``and 203(i)'' and inserting ``, 203(i), 
        and 203(y)''.
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