Congress 107 - S 2239 - FHA Downpayment Simplification Act of 2002

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Topics

Apartment houses Economics and Public Finance Federally-guaranteed loans Fees Finance and Financial Sector Government Operations and Politics Government paperwork Housing and Community Development Indexing (Economic policy) Insurance premiums Mortgage guaranty insurance Mortgages Settlement costs Single family housing

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Summary

FHA Downpayment Simplification Act of 2002 - Amends the National Housing Act to make the existing Federal Home Administration (FHA) single-family downpayment provisions permanent. (Such provisions are to expire at the end of 2002.)

Requires an original lender, in conjunction with a FDA insured loan, to provide a prospective borrower with a one-page analysis of other mortgage products for which he or she would qualify, including information about: (1) rates, insurance premiums, and other costs and fees; and (2) mortgage insurance premium termination.

Amends the Higher Education Amendments of 1998 to repeal the Government National Mortgage Association (GNMA) three-percent guarantee fee increase scheduled to take effect in FY 2005.

Amends the National Housing Act to provide for indexing of multi-family mortgage limits for FHA mortgage insurance programs.

Actions

Dec 4, 2002

Became Public Law No: 107-326.
Dec 4, 2002

Signed by President.
Nov 22, 2002

Presented to President.
Nov 15, 2002

Motion to reconsider laid on the table Agreed to without objection.
Nov 15, 2002

On passage Passed without objection. (text: CR 11/14/2002 H8927-8928)
Nov 15, 2002

Passed/agreed to in House: On passage Passed without objection.(text: CR 11/14/2002 H8927-8928)
Nov 15, 2002

Considered by unanimous consent. (consideration: CR 11/14/2002 H8925-9007)
Nov 15, 2002

Mr. Armey asked unanimous consent to discharge from committee and consider.
Nov 15, 2002

Committee on Financial Services discharged.
Oct 25, 2002

Referred to the Subcommittee on Housing and Community Opportunity.
Oct 21, 2002

Referred to the House Committee on Financial Services.
Oct 21, 2002

Received in the House.
Oct 21, 2002

Message on Senate action sent to the House.
Oct 17, 2002

Passed Senate with amendments by Unanimous Consent. (text: CR 10/21/2002 S10787-10788)
Oct 17, 2002

Passed/agreed to in Senate: Passed Senate with amendments by Unanimous Consent.(text: CR 10/21/2002 S10787-10788)
Oct 17, 2002

Measure laid before Senate by unanimous consent. (consideration: CR S10743-10745; text of measure as reported in Senate: CR S10743)
Oct 15, 2002

Placed on Senate Legislative Calendar under General Orders. Calendar No. 703.
Oct 15, 2002

Committee on Banking, Housing, and Urban Affairs. Reported by Senator Sarbanes with amendments. Without written report.
Sep 12, 2002

Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with amendments favorably.
Apr 24, 2002

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S3309)
Apr 24, 2002

Sponsor introductory remarks on measure. (CR S3308-3309)
Apr 24, 2002

Introduced in Senate

Amendments

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