Page:United States Statutes at Large Volume 116 Part 4.djvu/364

 116 STAT. 2792 PUBLIC LAW 107-326—DEC. 4, 2002 Public Law 107-326 107th Congress An Act Dec. 4, 2002 To amend the National Housing Act to simplify the downpayment requirements [S 2239] ^°^ FHA mortgage insurance for single family homebuyers. Be it enacted by the Senate and House of Representatives of FHA the United States of America in Congress assembled, Downpasrment Simplification SECTION 1. SHORT TITLE. ^\jSC noi '^^^ ^^^ "^^y ^^ cited as the "FHA Downpayment Simplification note. Act of 2002". SEC. 2. DOWNPAYMENT SIMPLIFICATION. Section 203 of the National Housing Act (12 U.S.C. 1709) is amended— (1) in subsection (b)— (A) by striking "shall—" and inserting "shall comply with the following:"; (B) in paragraph (2)— (i) in subparagraph (A), in the matter that precedes clause (ii), by moving the margin 2 ems to the right; (ii) in the undesignated matter immediately following subparagraph (B)(iii)— (I) by striking the second and third sentences of such matter; (II) by striking the seventh sentence (relating to principal obligation) and all that follows through the end of the ninth sentence (relating to charges and fees); and (III) by striking the eleventh sentence (relating to disclosure notice) and edl that follows through the end of the last undesignated paragraph (relating to disclosure notice requirements); and (iii) by striking subparagraph (B) and inserting the following: "(B) not to exceed an amount equal to the sum of— "(i) the amount of the mortgage insurance premium paid at the time the mortgage is insured; and "(ii) in the case of— "(I) a mortgage for a property with an appraised value equal to or less than $50,000, 98.75 percent of the appraised value of the property; "(II) a mortgage for a property with Ein appraised value in excess of $50,000 but not in excess of $125,000, 97.65 percent of the appraised value of the property;

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