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Bill117th CongressFiled Feb 26, 2021Housing and Community Development
H.R. 1395

Housing Financial Literacy Act of 2021

Bill journey · stage 2 of 5

Under committee review

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Law

What it doesSummary passed house (Apr 20, 2021)

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.

What just happenedApr 22, 2021

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
2cosponsors2committees11actions2related bills3subjects
  1. Apr 22, 2021IntroReferral

    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. Apr 20, 2021FloorH37300

    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)

  3. Apr 20, 2021Floor8000

    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)

  4. Apr 20, 2021FloorH1B000

    Pursuant to the provisions of H. Res. 330, proceedings on H.R. 1395 are considered vacated.

  5. Apr 19, 2021FloorH37220

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

  6. Apr 19, 2021FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 1395.

  7. Apr 19, 2021FloorH30000

    Considered under suspension of the rules. (consideration: CR H1909-1910; text: CR H1909)

  8. Apr 19, 2021FloorH30300

    Ms. Pressley moved to suspend the rules and pass the bill.

  9. Feb 26, 2021IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  10. Feb 26, 2021IntroReferralIntro-H

    Introduced in House

  11. Feb 26, 2021IntroReferral1000

    Introduced in House

Passed HouseApr 20, 202153

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.

Introduced in HouseFeb 26, 2021

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.

Housing Financial Literacy Act of 2021 — Informed