A bill to amend the National Housing Act to simplify the downpayment requirements for FHA mortgage insurance for single family homebuyers.
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.
Referred to the Subcommittee on Housing and Community Opportunity.
Referred to the Subcommittee on Housing and Community Opportunity.
Measure laid before Senate by unanimous consent. (consideration: CR S10743-10745; text of measure as reported in Senate: CR S10743)
Passed/agreed to in Senate: Passed Senate with amendments by Unanimous Consent.(text: CR 10/21/2002 S10787-10788)
Passed Senate with amendments by Unanimous Consent. (text: CR 10/21/2002 S10787-10788)
Message on Senate action sent to the House.
Received in the House.
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Housing and Community Opportunity.
Committee on Financial Services discharged.
Committee on Financial Services discharged.
Mr. Armey asked unanimous consent to discharge from committee and consider.
Considered by unanimous consent. (consideration: CR 11/14/2002 H8925-9007)
Passed/agreed to in House: On passage Passed without objection.(text: CR 11/14/2002 H8927-8928)
Enacted as Public Law 107-326
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On passage Passed without objection. (text: CR 11/14/2002 H8927-8928)
Motion to reconsider laid on the table Agreed to without objection.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 107-326.
Became Public Law No: 107-326.