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

Text available as:

Shown Here:
Referred in Senate (07/10/2019)


116th CONGRESS
1st Session
H. R. 2162


IN THE SENATE OF THE UNITED STATES

July 10, 2019

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs


AN ACT

To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Housing Financial Literacy Act of 2019”.

SEC. 2. Discount on mortgage insurance premium payments for first-time homebuyers who complete financial literacy housing counseling programs.

The second sentence of subparagraph (A) of section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)(A)) is amended—

(1) by inserting before the comma the following: “and such program is completed before the mortgagor has signed an application for a mortgage to be insured under this title or a sales agreement”; and

(2) by striking “not exceed 2.75 percent of the amount of the original insured principal obligation of the mortgage” and inserting “be 25 basis points lower than the premium payment amount established by the Secretary under the first sentence of this subparagraph”.

Passed the House of Representatives July 9, 2019.

    Attest: cheryl l. johnson,   
    Clerk

Share This