Legis Daily

Housing Financial Literacy Act of 2021

USA117th CongressS-1490| Senate 
| Updated: 4/29/2021
Gary C. Peters

Gary C. Peters

Democratic Senator

Michigan

Cosponsors (1)
John Cornyn (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline

Bill from Previous Congress

S 116-3639
Housing Financial Literacy Act of 2020
Apr 22, 2021

Latest Companion Bill Action

HR 117-1395
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 29, 2021
Introduced in Senate
Apr 29, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    S 116-3639
    Housing Financial Literacy Act of 2020


  • April 22, 2021

    Latest Companion Bill Action

    HR 117-1395
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • April 29, 2021
    Introduced in Senate


  • April 29, 2021
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Housing and Community Development

Related Bills

  • HR 117-1395: Housing Financial Literacy Act of 2021
Financial literacyHousing finance and home ownershipLife, casualty, property insurance

Housing Financial Literacy Act of 2021

USA117th CongressS-1490| Senate 
| Updated: 4/29/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-3639
Housing Financial Literacy Act of 2020
Apr 22, 2021

Latest Companion Bill Action

HR 117-1395
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 29, 2021
Introduced in Senate
Apr 29, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • Bill from Previous Congress

    S 116-3639
    Housing Financial Literacy Act of 2020


  • April 22, 2021

    Latest Companion Bill Action

    HR 117-1395
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • April 29, 2021
    Introduced in Senate


  • April 29, 2021
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Gary C. Peters

Gary C. Peters

Democratic Senator

Michigan

Cosponsors (1)
John Cornyn (Republican)

Banking, Housing, and Urban Affairs Committee

Housing and Community Development

Related Bills

  • HR 117-1395: Housing Financial Literacy Act of 2021
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Financial literacyHousing finance and home ownershipLife, casualty, property insurance