This law makes changes to the Specially Adapted Housing program, modifies the rules for Hybrid Adjustable Rate Mortgages, makes the Native American Direct Loan (NADL) program permanent and revises the maximum NADL loan amount. In addition the law requires a temporary funding fee increase from 3.3 percent to 3.35 percent for subsequent loans with less than a five percent downpayment closed during fiscal year 2007 (October 1, 2006 through September 30, 2007).

Note: The temporary funding fee increase has expired.