S. 3639 · 116th Congress
Housing Financial Literacy Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
PetersSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · May 7, 2020
Housing Financial Literacy Act of 2020
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 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 premium amount for such homebuyers (1) in the case of a mortgage insured within four years of enactment, be 25 basis points (0.25% of the original insured principal obligation of mortgage) lower than the amount otherwise established by the FHA; or (2) in the case of a mortgage insured four years after enactment, at a rate set by the FHA that corresponds to the reduced risk of loss due to the counseling.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Housing Financial Literacy Act of 2020
Latest action (May 7, 2020): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Housing and Community Development · Origin: Senate · Introduced: May 7, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.