Title: Increasing Minimum Down Payment for Federal Housing Administration Mortgages
Vote Smart's Synopsis:
Vote to adopt an amendment to HR 5072 that increases the minimum down payment for Federal Housing Administration insured mortgages from 3.5 to 5 percent of the appraised value of the property.
-Authorizes the Secretary of Housing and Urban Development to prohibit specific initial service charges, appraisals, inspections, or other fees or closing costs from being included in the principal obligation of Federal Housing Administration insured mortgages (Sec. 3).