FHA Mortgage Rates Revisions/Down Payment Requirement. HR 5072 (Roll Call 348)
The House voted down an attempt to reduce taxpayer exposure for risky home
mortgages by increasing the minimum down payment requirement from 3.5 percent to 5
percent and prohibiting closing costs from being financed through taxpayer-insured
loans. ACU thinks loose lending practices by government agencies fueled the meltdown
in the housing market that caused the recession, and so supported this tightening.
However, the House rejected it June 10, 2010, by a vote of 131-289.