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The Streamlined FHA Downpayment Program (CRS Report for Congress)

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Release Date May 9, 2003
Report Number RS20661
Report Type Report
Authors Bruce E. Foote, Domestic Social Policy Division
Source Agency Congressional Research Service
Summary:

The National Housing Act was amended in FY1999 to permit the Federal Housing Administration (FHA) to use a simplified formula in computing the required downpayment for borrowers purchasing homes with FHA-insured loans. The authority to use that formula has been extended several times. The FHA Downpayment Simplification Act of 2002, P.L. 107-326, has made the simplified formula a permanent part of the National Housing Act.