[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1395 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 1395

 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.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 26, 2021

  Mrs. Beatty (for herself and Mr. Stivers) 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 
2021''.

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--
            (1) by inserting before the comma the following: ``and such 
        program is completed before the mortgagor has signed an 
        application for a mortgage to be insured under this title or a 
        sales agreement''; and
            (2) 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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