legislation: 116-s-3639

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
116-s-3639 116 s 3639 Housing Financial Literacy Act of 2020 Housing and Community Development 2020-05-07 2020-05-07 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Senate Sen. Peters, Gary C. [D-MI] MI D P000595 1 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. 2023-01-11T13:42:44Z  

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