September 19, 2000
The Administration strongly supports a permanent extension of this successful program management tool, as requested in the President's FY 2001 Budget. The Administration was very disappointed to see that the Senate Appropriations Committee removed this provision from the FY 2001 VA, HUD, and Independent Agencies Appropriations bill as reported on September 13, 2000. Without the permanent extension of the FHA downpayment simplification provision, 7,000 lenders will have to change their processes and may no longer offer FHA products.
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