H.R. 3043: Zero Downpayment Pilot Program Act of 2006

109th Congress · introduced 2005-06-23 · Housing and Community Development · Latest: Placed on the Union Calendar, Calendar No. 326.

federal

Follow this bill, step by step

Where it came from: introduced 2005-06-23 · 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. 326. 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 Pilot Program Act of 2006

Plain summary

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).

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

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Zero Downpayment Pilot Program Act of 2006

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] · 1 cosponsors

Cost estimate: CBO cost estimate: H.R. 3043, Zero Downpayment Pilot Program Act of 2005 (2006-06-01); CBO cost estimate: H.R. 3043, Zero Downpayment Pilot Program Act of 2005 (2006-06-01)

Cosponsors on this site

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-109hr3043.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/109/hr>

Record fed-us-cong109-hr3043 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109