Housing Financial Literacy Act of 2021

Bill: 117-hr-1395
Sponsor: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2021-02-26 in the House
Policy area: Housing and Community Development
Subjects: Financial literacy
Housing finance and home ownership
Life, casualty, property insurance

Summary:
action_date: 2021-02-26
text: 

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.

action_date: 2021-04-20
text: 

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.


Legislative actions:
action_date: 2021-04-22
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2021-04-20
text: Pursuant to section 6 of H. Res. 330, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 367; H.R. 370; H.R. 396; H.R. 397, as amended; H.R. 408; H.R. 490; H.R. 965, as amended; H.R. 1251, as amended; H.R. 1395; H.R. 1491; H.R. 1528; H.R. 1532; H.R. 1565; H.R. 1602; and H.R. 2523, as amended; and the following resolution was agreed to under suspension of the rules: H. Res. 124, as amended. (consideration: CR H1979-1994; text: CR H1988)
action_date: 2021-04-20
text: Passed/agreed to in House: Pursuant to section 6 of H. Res. 330, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 367; H.R. 370; H.R. 396; H.R. 397, as amended; H.R. 408; H.R. 490; H.R. 965, as amended; H.R. 1251, as amended; H.R. 1395; H.R. 1491; H.R. 1528; H.R. 1532; H.R. 1565; H.R. 1602; and H.R. 2523, as amended; and the following resolution was agreed to under suspension of the rules: H. Res. 124, as amended.(consideration: CR H1979-1994; text: CR H1988)
action_date: 2021-04-20
text: Pursuant to the provisions of H. Res. 330, proceedings on H.R. 1395 are considered vacated.
action_date: 2021-04-19
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2021-04-19
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1395.
action_date: 2021-04-19
text: Considered under suspension of the rules. (consideration: CR H1909-1910; text: CR H1909)
action_date: 2021-04-19
text: Ms. Pressley moved to suspend the rules and pass the bill.
action_date: 2021-02-26
text: Referred to the House Committee on Financial Services.
action_date: 2021-02-26
text: Introduced in House
action_date: 2021-02-26
text: Introduced in House