Housing Financial Literacy Act of 2017

Bill: 115-hr-851
Sponsor: full_name: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2017-02-03
Policy area: Housing and Community Development
Subjects: Financial literacy

Housing finance and home ownership

Life, casualty, property insurance
Latest action: action_date: 2017-02-03
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2017-02-03
action_desc: Introduced in House
text: <p><b>Housing Financial Literacy Act of 2017 </b></p> <p>This bill amends the National Housing Act to&nbsp;modify the&nbsp;discount&nbsp;given by&nbsp;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&nbsp;requires that the maximum 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.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 851 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.

1. Short title This Act may be cited as the Housing Financial Literacy Act of 2017 . 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 .