Home Purchase Assistance Act

Home Purchase Assistance Act - Requires that whenever the Secretary of Housing and Urban Development determines that a substantial number of families are unable to obtain mortgage credit at reasonable rates due to high interest rates or reduced availability of mortgage credit and that the inability to obtain such credit is causing or threatening to cause a significant reduction in the volume of home construction or acquisition and thereby adversely to affect the economy and to delay the orderly achievement of the national housing goals contained in title XVI of the Housing and Urban Development Act of 1968, the Secretary shall direct the Government National Mortgage Association to begin making commitments to purchase and to purchase mortgages in accordance with the provisions of this Act.

Establishes within the Association a Housing Trust Fund which shall be used to carry out such purposes.

Provides that mortgages may be purchased under this Act only if: (1) such mortgage was executed to finance the acquisition of the principal residence of the mortgagor; and (2) such mortgage involves the acquisition or construction of a residential dwelling at a cost which does not exceed $30,000 (or such greater amount, but not to exceed $45,000 as may be necessary to meet the need for mortgage credit in high cost areas).

States that the Association shall not permit the aggregate outstanding amount of mortgages held by the fund under this section to increase by more than $10,000,000,000 in any single fiscal year.

Requires that 50 percent of the aggregate principal amount of home mortgages purchased under this Act in any fiscal year shall involve residences upon which construction has been completed within twelve months preceding the date of purchase.