Bill Sponsor
Senate Bill 1490
117th Congress(2021-2022)
Housing Financial Literacy Act of 2021
Introduced
Introduced
Introduced in Senate on Apr 29, 2021
Overview
Text
Introduced
Apr 29, 2021
Latest Action
Apr 29, 2021
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1490
Congress
117
Policy Area
Housing and Community Development
Housing and Community Development
Primary focus of measure is home ownership; housing programs administration and funding; residential rehabilitation; regional planning, rural and urban development; affordable housing; homelessness; housing industry and construction; fair housing. Measures concerning mortgages and mortgage finance may fall under Finance and Financial Sector policy area.
Sponsorship by Party
Democrat
Michigan
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Housing Financial Literacy Act of 2021

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.

Text (1)
April 29, 2021
Actions (2)
04/29/2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
04/29/2021
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:49:04 PM