A bill to authorize the Secretary of Housing and Urban Development to insure zero-downpayment mortgages.
Zero Downpayment Act of 2004 - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to insure zero-downpayment mortgages of an eligible single family residence for a first-time homebuyer who has received specified homeownership counseling.
Terminates program authority after September 30, 2011, except for mortgages executed prior to such date.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S8738-8739)
Sponsor introductory remarks on measure. (CR S8863-8864)
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