[20030509]RS20661_简化的FHA首付计划.pdf

1 Borrowers must pay to FHA an insurance premium of 1.5% of the loan amount, and borrowershave a choice of paying the insurance in cash or having it added to the loan. To minimize theirout-of-pocket expenses, most borrowers opt to have the insurance included in their FHA-insuredloan.Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20661Updated May 9, 2003The Streamlined FHA Downpayment ProgramBruce E. FooteAnalyst in HousingDomestic Social Policy DivisionSummaryThe National Housing Act was amended in FY1999 to permit the Federal HousingAdministration (FHA) to use a simplified formula in computing the requireddownpayment for borrowers purchasing homes with FHA-insured loans. The authorityto use that formula has been extended several times. The FHA DownpaymentSimplification Act of 2002, P.L. 107-326, has made the simplified formula a permanentpart of the National Housing Act. This fact sheet will be updated to reflect anylegislative activity.Legislative HistoryIn general, Section 203(b) of the National Housing Act (P.L. 73-479, as amended)provided that the maximum mortgage under that section could not exceed the fol