The House passed a bill Tuesday temporarily extending a simplified FHA down payment program that lets lenders keep making loans under the program while legislators work to make it permanent.

The program, which was created by a 1998 amendment to the National Housing Act, simplifies the formula for calculating down payments on FHA-insured home loans to make it more understandable for lenders and borrowers. More importantly, the formula saves homebuyers $2,200 on a typical $150,000 FHA loan, according to the Mortgage Bankers Association.

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