[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 851 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 851

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 3, 2017

  Mrs. Beatty (for herself, Mr. Stivers, Mr. Heck, Ms. Eddie Bernice 
    Johnson of Texas, Mr. David Scott of Georgia, Mr. Serrano, Mr. 
   Cummings, and Mr. Meeks) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Housing Financial Literacy Act of 
2017''.

SEC. 2. DISCOUNT ON MORTGAGE INSURANCE PREMIUM PAYMENTS FOR FIRST-TIME 
              HOMEBUYERS WHO COMPLETE FINANCIAL LITERACY HOUSING 
              COUNSELING PROGRAMS.

    The second sentence of subparagraph (A) of section 203(c)(2) of the 
National Housing Act (12 U.S.C. 1709(c)(2)(A)) is amended by striking 
``not exceed 2.75 percent of the amount of the original insured 
principal obligation of the mortgage'' and inserting ``be 25 basis 
points lower than the premium payment amount established by the 
Secretary under the first sentence of this subparagraph''.
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