Home Purchase Cost Reduction Act

Home Purchase Cost Reduction Act - Provides, under provisions of the Emergency Home Purchase Assistance Act of 1974 relating to interest rates on mortgages, that during the two-year period beginning on the date of enactment of this Act, the Federal National Mortgage Association shall purschase any mortgage which is otherwise eligible to be purchased under the National Housing Act and which: (1) involves an interest rate of 6 percent per year; and (2) was executed to finance the acquisition of newly constructed residential dwelling at a total cost not in excess of $30,000.

Provides that the total amount of purchases pursuant to this Act may not exceed $20,000,000,000.