HR 851
115th Congress
House
Housing and Community Development
Financial literacy
Housing finance and home ownership
Life, casualty, property insurance
Housing Financial Literacy Act of 2017
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 3, 2017
Referred to the House Committee on Financial Services.
Feb 3, 2017
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1