IN THE SENATE OF THE UNITED STATES
April 29, 2021
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
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 2021.
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 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
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.