FHA Downpayment Simplification Act of 2002
Public Law 107-326 · S. 2239 · 107th Congress · began in the Senate
Signed by George W. Bush (R) on Dec 4, 2002 · Housing and Community Development
Sponsor: Sen. Paul Sarbanes (D-MD)
Cosponsors (24): Sen. John Ensign, Sen. Chuck Schumer,
Passage votes
- HouseUnanimous consent
- SenateUnanimous consent
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
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.
Committees
The committees the bill was sent to, and what each did with it.
Financial Services Committee · House · discharged from, referred toSubcommittee: Housing and Insurance Subcommittee
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 16 actions.
- Dec 4, 2002Became lawBecame law · Became Public Law No: 107-326.
- Became lawBecame law · Signed by President.
- Nov 22, 2002PresidentPresident · Presented to President.
- Nov 15, 2002FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
- FloorFloor · On passage Passed without objection.
- FloorFloor · Considered by unanimous consent.
- FloorFloor · Mr. Armey asked unanimous consent to discharge from committee and consider.
- CommitteeCommittee · Discharged from House Financial Services Committee
- Oct 25, 2002CommitteeCommittee · Referred to Housing and Insurance Subcommittee of the House Financial Services Committee
- Oct 21, 2002CommitteeCommittee · Referred to House Financial Services Committee
- Oct 17, 2002FloorFloor · Passed Senate with amendments by Unanimous Consent.
- FloorFloor · Measure laid before Senate by unanimous consent.
- Oct 15, 2002CommitteeCommittee · Reported by Senate Banking, Housing, and Urban Affairs Committee
- Sep 12, 2002CommitteeCommittee · Markup by Senate Banking, Housing, and Urban Affairs Committee
- Apr 24, 2002CommitteeCommittee · Referred to Senate Banking, Housing, and Urban Affairs Committee
- IntroducedIntroduced · Introduced in the Senate
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.