Number: RS20661
Title: The Streamlined FHA Downpayment Program
Authors: Bruce E. Foote, Domestic Social Policy Division 
Abstract: 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.
Pages: 2
Date: Updated May 9, 2003