3.0.0 3639 2023-01-11T13:42:44Z 2023-01-11T13:42:44Z Senate S 2020-05-07 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-05-07T17:18:18Z Housing Financial Literacy Act of 2019 116 2162 HR 2019-07-10 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2020-05-07 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-05-07 Introduced in Senate IntroReferral 10000 9 Library of Congress P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI N C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2020-05-07 True Housing and Community Development Financial literacy Housing finance and home ownership Life, casualty, property insurance Housing and Community Development 00 2020-05-07 Introduced in Senate 2021-03-15T17:49:09Z Housing Financial Literacy Act of 2020

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 (1) in the case of a mortgage insured within four years of enactment, be 25 basis points (0.25% of the original insured principal obligation of mortgage) lower than the amount otherwise established by the FHA; or (2) in the case of a mortgage insured four years after enactment, at a rate set by the FHA that corresponds to the reduced risk of loss due to the counseling.

]]> Housing Financial Literacy Act of 2020 Display Title Housing Financial Literacy Act of 2020 Short Title(s) as Introduced Housing Financial Literacy Act of 2020 Introduced in Senate IS Official Title as Introduced A bill to require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program. Introduced in Senate IS Introduced in Senate 2020-05-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3639is/xml/BILLS-116s3639is.xml 2020-05-07 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.