H.R. 851 · 115th Congress
Housing Financial Literacy Act of 2017
- Stage
- In committee
- Sponsor
- Joyce Beatty
- Introduced
- 2017-02-03
- Latest action
- 2017-02-03 · Introduced in House
Summary
Housing Financial Literacy Act of 2017
This bill amends the National Housing Act to modify 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 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.