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Bill116th CongressFiled Apr 9, 2019Housing and Community Development
H.R. 2162

Housing Financial Literacy Act of 2019

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house (Jul 9, 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. 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.

What just happenedJul 10, 2019

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

Who’s behind it

Rep. Beatty, Joyce [D-OH-3](D-OH)Sponsor
2 cosponsors1 D1 R
Read on Congress.gov
2cosponsors2committees12actions1related bills3subjects
  1. Jul 10, 2019IntroReferral

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

    Banking, Housing, and Urban Affairs Committee
  2. Jul 9, 2019FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Jul 9, 2019FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5278)

  4. Jul 9, 2019Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H5278)

  5. Jul 9, 2019FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 2162.

  6. Jul 9, 2019FloorH30000

    Considered under suspension of the rules. (consideration: CR H5278-5280)

  7. Jul 9, 2019FloorH30300

    Ms. Waters moved to suspend the rules and pass the bill, as amended.

  8. Jun 11, 2019Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 6.

    Financial Services Committee
  9. Jun 11, 2019Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  10. Apr 9, 2019IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  11. Apr 9, 2019IntroReferralIntro-H

    Introduced in House

  12. Apr 9, 2019IntroReferral1000

    Introduced in House

Passed HouseJul 9, 201953

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. 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.

Introduced in HouseApr 9, 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.

Housing Financial Literacy Act of 2019 — Informed