Housing Financial Literacy Act of 2019
United States116th CongressHR-2162House of Representatives
Updated: Jul 10, 2019
Summary
Housing Financial Literacy Act of 2019 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.
Bill texts
All available records shown.
Timeline
Latest companion bill action
S-3639: Housing Financial Literacy Act of 2020Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H5278)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5278)
House of Representatives
Motion to reconsider laid on the table Agreed to without objection.
House of Representatives
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Senate