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House Bill 1395
117th Congress(2021-2022)
Housing Financial Literacy Act of 2021
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Passed House on Apr 20, 2021
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Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 1395 (Referred-in-Senate)


117th CONGRESS
1st Session
H. R. 1395

IN THE SENATE OF THE UNITED STATES

April 22, 2021

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

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”.

Passed the House of Representatives April 20, 2021.

    Attest:cheryl l. johnson,   
    Clerk