summary
Introduced
04/09/2019
04/09/2019
In Committee
06/11/2019
06/11/2019
Crossed Over
07/10/2019
07/10/2019
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
Housing Financial Literacy Act of 2019 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.
AI Summary
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. Specifically, it requires the premium amount for such homebuyers to be 25 basis points (0.25%) lower than the amount otherwise established by the FHA, rather than the current maximum of 2.75% of the original insured principal obligation of the mortgage. 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.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (3)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 07/10/2019)
Official Document
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