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Industry News

Housing bill gets head nod on the Hill

November 15, 2002

House of Reps. okays downpayment simplification for FHA-insured mortgages

Inman News Features

A housing bill that hopes to help patch some of the nation's affordable housing injuries today made its way through the House of Representatives.

The House said yes to the FHA Downpayment Simplification Act of 2002 (S. 2239), which passed by the Senate last month.

The housing bill's three main objectives are: to amend the National Housing Act to permanently simplify the downpayment requirements for FHA-insured mortgages for single-family home buyers; to repeal the 50 percent increase in the Ginnie Mae guarantee fee scheduled to go into effect in 2004; and to require the U.S. Department of Housing and Urban Development to index the multifamily mortgage limits each year, beginning in 2003, to the consumer price index.

The Mortgage Bankers Association of America was among those who applauded the House for passing the bill.

"This is truly a victory for low- to moderate-income families in America in need of affordable housing, and it's a win for the U.S. economy," said Kurt Pfotenhauer, MBA's SVP of government affairs.

Copyright: Inman News Service

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