Housing Financial Literacy Act of 2017
- Last Action
- 2/3/2017
Actions
- 2017-02-03Referred to the House Committee on Financial Services.
- 2017-02-03Introduced in House
- 2017-02-03Introduced in House
CRS Summary
As of 2017-02-03 (00)
Housing Financial Literacy Act of 2017
This bill amends the National Housing Act to modify 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 maximum 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.
Cosponsors (20)
- Steve Stivers (R-OH)
- Denny Heck (D-WA)
- EDDIE JOHNSON (D-TX)
- David Scott (D-GA)
- JOSE SERRANO (D-NY)
- ELIJAH CUMMINGS (D-MD)
- GREGORY MEEKS (D-NY)
- MARCY KAPTUR (D-OH)
- Vicente Gonzalez (D-TX)
- SANFORD BISHOP (D-GA)
- G. K. Butterfield (D-NC)
- Yvette Clarke (D-NY)
- WM. CLAY (D-MO)
- Robin Kelly (D-IL)
- Al Lawson (D-FL)
- Marc Veasey (D-TX)
- Bonnie Watson Coleman (D-NJ)
- JOHN CONYERS (D-MI)
- JOHN LEWIS (D-GA)
- Henry Johnson (D-GA)
Subjects
- Financial literacy
- Housing finance and home ownership
- Life, casualty, property insurance
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.