H.R. 3755: Zero Downpayment Act of 2004

108th Congress · introduced 2004-02-03 · Housing and Community Development · Latest: Placed on the Union Calendar, Calendar No. 465.

federal

Follow this bill, step by step

Where it came from: introduced 2004-02-03 · official record
Who proposed it: Rep. Tiberi, Patrick J. [R-OH-12] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Placed on the Union Calendar, Calendar No. 465. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Zero Downpayment Act of 2004

Plain summary

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.

Congressional Research Service summary (Reported to House with amendment(s)), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

Zero Downpayment Act of 2004

Source: Congressional Research Service summary (Reported to House with amendment(s))

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Tiberi, Patrick J. [R-OH-12] · 67 cosponsors

Cost estimate: CBO cost estimate: H.R. 3755, Zero Downpayment Act of 2004 (2004-06-21); CBO cost estimate: H.R. 3755, Zero Downpayment Act of 2004 (2004-06-21)

Cosponsors on this site

Michael R. Turner (R-OH), Joe Wilson (R-SC), Sanford D. Bishop, Jr. (D-GA), Frank Pallone, Jr. (D-NJ), Eleanor Holmes Norton (D-DC) and 7 more.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Appraisal: An estimate of what property is worth. In Texas, county appraisal districts set the value that property taxes are based on.
Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Reported to House with amendment(s))
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-108hr3755.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/108/hr>

Record fed-us-cong108-hr3755 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108