Housing Financial Literacy Act of 2023

Bill: 118-hr-4899
Sponsor: full_name: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2023-07-26
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-07-26
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-07-26
action_desc: Introduced in House
text: <p><strong>Housing Financial Literacy Act of 2023</strong></p><p>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 discount for these 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 discount for these 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. &nbsp;</p><!--tinycomments|2.1|data:application/json;base64,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-->

tv_txt: I 118th CONGRESS 1st Session H. R. 4899 IN THE HOUSE OF REPRESENTATIVES July 26, 2023 Mrs. Beatty (for herself, Mr. Carey , Mr. Allred , Mr. Cleaver , Ms. Clarke of New York , Ms. Norton , Ms. Moore of Wisconsin , Mr. Case , Mr. Carson , and Mr. Fitzpatrick ) 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 2023 . 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 .