HR 1395 United States House · 117th Congress

Housing Financial Literacy Act of 2021

Summary

Housing Financial Literacy Act of 2021 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 be 25 basis points (0.25% of the original insured principal obligation of mortgage) lower than the amount otherwise established by the FHA. The bill also specifies that first-time homebuyers must complete the financial-management counseling program prior to applying for a mortgage or entering into a sales agreement.

Issues: ✓ Housing

Bill status passed 3 of 5 stages cleared

Introduction

Feb 2021

Committee Review

Apr 2021

House Passage

Apr 2021

Senate Passage

President

Introduced Feb 26, 2021 Last action Apr 22, 2021

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 22, 2021

Committee

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

upper

Apr 20, 2021

Lower · Passed

Pursuant to section 6 of H. Res. 330, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 367; H.R. 370; H.R. 396; H.R. 397, as amended; H.R. 408; H.R. 490; H.R. 965, as amended; H.R. 1251, as amended; H.R. 1395; H.R. 1491; H.R. 1528; H.R. 1532; H.R. 1565; H.R. 1602; and H.R. 2523, as amended; and the following resolution was agreed to under suspension of the rules: H. Res. 124, as amended. (consideration: CR H1979-1994; text: CR H1988)

lower

Apr 20, 2021

Lower · Passed

Passed/agreed to in House: Pursuant to section 6 of H. Res. 330, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 367; H.R. 370; H.R. 396; H.R. 397, as amended; H.R. 408; H.R. 490; H.R. 965, as amended; H.R. 1251, as amended; H.R. 1395; H.R. 1491; H.R. 1528; H.R. 1532; H.R. 1565; H.R. 1602; and H.R. 2523, as amended; and the following resolution was agreed to under suspension of the rules: H. Res. 124, as amended.(consideration: CR H1979-1994; text: CR H1988)

lower

Feb 26, 2021

Committee

Referred to the House Committee on Financial Services.

lower

Feb 26, 2021

Introduced

Introduced in House

lower

1 primary · 2 co-sponsors