H.R. 1395
Referred to CommitteeHousing Financial Literacy Act of 2021
Latest Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
4/22/2021 • Senate
Summary
Housing Financial Literacy Act of 2021
This bill modifies the discount given by the Federal Housing Administration (FHA) on single-family mortgage-insurance premium payments for first-time homebuyers who complete a financial-management counseling program. Under current law, the maximum premium amount for such homebuyers is 2.75% of the original insured principal obligation of the mortgage (compared to 3% for other homebuyers). The bill instead requires that the premium amount for such homebuyers be 25 basis points (0.25% of the original insured principal obligation of mortgage) lower than the amount otherwise established by the FHA. The bill also specifies that first-time homebuyers must complete the financial-management counseling program prior to applying for a mortgage or entering into a sales agreement.
Passed House • 4/20/2021
Topics & Subjects
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Related Federal Spending
Sponsor & Cosponsors (3)
Party Breakdown
Sponsor
Cosponsors (2)
Bill Journey
Originated in the House
Introduced
February 26, 2021
Referred to the House Committee on Financial Services.
Committee Review
Floor Debate
April 19, 2021
Passed Chamber
April 20, 2021
Other Chamber
President
Enacted into Law
Text Versions (3)
Related Bills (3)
S. 1490
Housing Financial Literacy Act of 2021
H.Res. 330
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H.R. 4899
Housing Financial Literacy Act of 2023