Bill summaries are authored by CRS.

Shown Here:
Passed Senate amended (10/17/2002)

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.