ttp://74.125.45.104/search?q=cache:V-Id_ZmB0zQJ:
http://www.govtrack.us/congress/bill...&client=safari
A screen shot, as the .gov website says it is down, but a shot of the "original"
"american Dream Home Act" that was sponsored
S. 811 [108th]: American Dream Downpayment Act
A bill to support certain housing proposals in the fiscal year 2003 budget for the Federal Government, including the downpayment assistance initiative under the HOME Investment Partnership Act, and for other purposes.
Overview
Summary
Amendments
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Sponsor:
Sen. Wayne Allard [R-CO]show cosponsors (9)
Bill Text:
Summaries (CRS)
Full Text
Cosponsors [as of 2006-11-19]
Sen. Samuel Brownback [R-KS]
Sen. Conrad Burns [R-MT]
Sen. Ben Campbell [R-CO]
Sen. Michael Crapo [R-ID]
Sen. Michael Enzi [R-WY]
Sen. Charles Hagel [R-NE]
Sen. Lisa Murkowski [R-AK]
Sen. Richard Santorum [R-PA]
Sen. Jefferson Sessions [R-AL]
Cosponsorship information sometimes is out of date. Why?
Bill Text:
Status:
Introduced Apr 8, 2003
Amendments (1 proposed) [details]
Passed Senate [details] Nov 24, 2003
Passed House Dec 8, 2003
Signed by President Dec 16, 2003
This bill became law.
Current Reforms and Reform Legislation
Current Reforms and Reform Legislation
Overview
Reform legislation -
The Expanding the American Homeownership Act, H.R. 1852, known as FHA Reform or FHA Modernization, was approved by the U.S. House Financial Services Committee on May 3, 2007. The bill now awaits a vote by the full House of Representatives. It will enable the FHA to reach more prospective borrowers and allow millions more low- and moderate-income families to achieve the American dream of homeownership.
Some of the highlights of the legislation include:
FHA mortgage limits:
Increase the limit for lower cost areas from 48% to 65% of the government sponsored enterprises (GSE) conforming loan limit, permitting the FHA to insure newly constructed homes.
Increase the limit for higher cost areas from 87% to 100% of the conforming limit with individual local limits set at the median price of a home in each area.
Because of the FHA's current mortgage limits, borrowers in high cost housing markets who don't qualify for prime mortgages have no option other than high cost loans.
Downpayment:
Eliminates the FHA's 3% minimum cash investment requirement and downpayment calculation.
Provides FHA borrowers a range of options to control the amount of their downpayment and mortgage payment based on their immediate and long-term goals.
and it goes on and on...