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Rent to Own Online Government Workshop new Rent to Own and Government New Side By Side Comparison of Any State Statute to the Proposed Federal Legislation Related articles most recent first 109th Congress Consumer Rental Purchase Agreement Act of 2005 Introduced In Senate Opposing Forces; Two Groups At Legislative Odds 108th Congress Session Ends Without Passage Of Rental Purchase Agreement Act; Last Minute Efforts Nearly Win The Day Senate Finance Committee Ranking Member Endorses Rental Purchase Agreement Act Rental Purchase Act Looses 5 Key Supporters Schrock And Clay Cosponsor Rental Purchase Agreement Act Text Of Landrieu Statement To The Senate Banking Committee Supporting The Consumer Rental Purchase Agreement Act "Even Congressmen Use Rent to Own"; Senator Mary Landrieu Opening Statement Audio Senate To Hear Testimony On Rental Purchase Agreement Act Today Virginia Senator Allen Endorses Rental Purchase Agreement Act; Hearing Scheduled For 22nd Washington Senator Patty Murray Cosponsors Rental Purchase Agreement Act; Senate Co-sponsor Count At 50% Shuster and Lampson Cosponsor Rental Purchase Agreement Act Senate Powerhouse Tom Daschle Cosponsors Rental Purchase Agreement Act; Senate Co-sponsor Count Nears 50% Six New Cosponsors For Rental Purchase Agreement Act North Dakota Democrat Senator Byron Dorgan Cosponsors S884; Senate Co-sponsor Count at 23 Missouri Republican Todd Akin Supports Rental Purchase Agreement Act Southern Democrats Co-sponsor Rental Purchase Agreement Act Rent to Own Industry Supporter Doug Bereuter Resigning House Seat For Private Sector Missouri Republican Senator Christopher Bond Cosponsors S884 Senate Co-sponsor Count at 22 Consumer Rental Purchase Agreement Act Co-Sponsor Rep. Tiberi Introduces "No Down Payment Act" Rent to Own Online Introduces New State Statute Application 20% of Lawmakers Co-Sponsor Consumer Rental Purchase Agreement Act Illinois Republican Becomes 82nd Representative to Co-sponsor HR996 11 Term Texas Democrat Becomes 81st Representative to Co-sponsor HR996 Oregon Republican Senator Gordon Smith Cosponsors S884 Senate Co-sponsor Count at 21 Six Term Democrat Tim Holden (PA) Becomes 80th Co-Sponsor of HR996 Senators Roberts and Craig Cosponsor S884 Industry Hits Goal of 20 Co-sponsors by Mid September Kansas Democrat Becomes 79th Co-Sponsor of HR996 Bayh and Baucus Bring Senate Cosponsor Count to 18 Oregon Republican Switches Sides and Becomes 78th Co-Sponsor of HR996 ; Total at 78 Iowa Republican Steve King Co-Sponsors HR996 ; Total at 77 North Dakota Democrat Kent Conrad Brings Senate Cosponsor Count to 16 Kansas Republican Sam Brownback Brings Senate Cosponsor Count to 15 2 More House Democrats Cosponsors HR996; Total at 76 11 New House Cosponsors HR996; Total at 74 Trent Lott (R-MS), Chuck Hagel (R-NE) Bring Senate Cosponsor Count to 14 update HR996 Sponsorship... What's The Real Number? HR996; Movement In House Unlikely Till Senate Gets Off Dime HR 996: Consumer Rental Purchase Agreement Act Thomas Carper (D-DE) Becomes 12th Senate Cosponsor of RTO Legislation Michael Crapo (R-ID) Becomes 11th Senate Cosponsor of RTO Legislation Avalanche of Co-Sponsors for Rent to Own Legislation During APRO Legislative Conference 32 More Stories on Rental Purchase Agreement Act The bill was first introduced by Representative Walter B. Jones of NC in May, 2001. Click here for Rep. Jones Home Page

Consumer Rental Purchase Agreement Act (HR996) Co-Sponsor Rep. Pat Tiberi (R-OH) has introduced legislation that would eliminate down payment requirements for first-time homebuyers seeking federally insured home mortgages. (see complete list of HR996 Co-Sponsors)

"This legislation (HR3755) will make the dream of home ownership come true for families who can make monthly payments, but have been denied a mortgage simply because they don’t have money for down payments," said Tiberi, a member of the House Housing Subcommittee. "Minority families in particular are burdened by high down payment requirements.

"This new zero down payment program will be available to first-time homebuyers seeking loans insured by the Federal Housing Administration. It will make home ownership possible for those who meet FHA’s underwriting requirements and who could easily afford a monthly payment, but because of their circumstances have simply not had the opportunity to save for a down payment."

FHA loans typically require a minimum down payment of 3 percent. Tiberi’s bill would implement a proposal made by the Bush Administration and allow FHA to back loans with no down payment required.

"The legislation introduced by Congressman Tiberi to offer FHA mortgages with no down payment will unlock the door to homeownership for thousands of American families, particularly minorities," said HUD Assistant Secretary for Housing and Federal Housing Commissioner John C. Weicher. "President Bush has pledged to create 5.5 million new minority homeowners this decade, and this legislation will help meet this goal."

This new zero down payment option along with FHA’s existing standards will mean that, in the first year alone, an estimated 150,000 new families will be able to own their own home.

"Families who qualify for zero down payment mortgages will be charged a modestly higher insurance premium on their home loan," Tiberi explained. "For example, on a $100,000 mortgage, a zero down payment borrower will pay approximately $50 a month more than a regular FHA borrower. The higher premium will completely cover the costs of the program, meaning there is no additional cost to the taxpayer."

Tiberi, a former realtor, was joined by Financial Services Committee Chairman Mike Oxley (R-OH), Housing Subcommittee Chairman Bob Ney (R-OH) and other House members in introducing the zero down payment legislation.