Summary: H.R.2162 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.2162. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/09/2019)

Housing Financial Literacy Act of 2019

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.