Housing Financial Literacy Act of 2024

Bill: 118-s-4542
Sponsor: full_name: Sen. Peters, Gary C. [D-MI]
Introduced: 2024-06-13
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-06-13
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4542 IN THE SENATE OF THE UNITED STATES June 13, 2024 Mr. Peters (for himself and Mr. Cornyn ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 2024 . 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 .