Proponents of a plan to allow the FHA to insure mortgages with no downpayment have revised the proposal to scale down its potential budget impact, but it’s still unclear how far the legislation will get in Congress. H.R. 3043, the “Zero Down Payment Pilot Act of 2005,” is designed to create more homeownership opportunities for first-time homebuyers. The House Financial Services Subcommittee on Housing and Community Opportunity held a hearing on the bill late last