H. R. 4462
IN THE HOUSE OF REPRESENTATIVES
April 10, 2014
Mrs. Beatty (for herself, Mr. Stivers, Mr. Hinojosa, Ms. Waters, Mrs. Carolyn B. Maloney of New York, Mr. Clay, Mr. Meeks, Mr. Rangel, Ms. Fudge, Mr. Gutiérrez, Ms. Linda T. Sánchez of California, Mr. Cárdenas, Ms. Sewell of Alabama, Mr. Connolly, Mr. Heck of Washington, Mr. Swalwell of California, Ms. Lee of California, Ms. Jackson Lee, Ms. Eddie Bernice Johnson of Texas, Ms. Edwards, Mr. Ryan of Ohio, and Mr. Johnson of Georgia) introduced the following bill; which was referred to the Committee on Financial Services
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.
This Act may be cited as the
Housing Financial Literacy Act of 2014
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.