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S 3639 116th Congress Senate Housing and Community Development Financial literacy Housing finance and home ownership Life, casualty, property insurance

Housing Financial Literacy Act of 2020

Introduced: May 7, 2020 Introduced by: Peters, Gary C. Democratic · Michigan See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 7, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 7, 2020
Introduced in Senate
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 Plain-English summary Congressional Research Service

Housing Financial Literacy Act of 2020

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 (1) in the case of a mortgage insured within four years of enactment, be 25 basis points (0.25% of the original insured principal obligation of mortgage) lower than the amount otherwise established by the FHA; or (2) in the case of a mortgage insured four years after enactment, at a rate set by the FHA that corresponds to the reduced risk of loss due to the counseling.

What's happening now May 7, 2020

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

 Related & companion bills 1
  • HR 2162 Related bill Housing Financial Literacy Act of 2019
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Cornyn, John
Texas · May 7, 2020
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3639: Housing Financial Literacy Act of 2020. 116th Congress. Open America. https://openamerica.io/bill/116-S-3639/
MLA
"S. 3639: Housing Financial Literacy Act of 2020." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-3639/.
Bluebook (legal)
S. 3639, 116th Cong. (2026), https://openamerica.io/bill/116-S-3639/.
Markdown link
[S. 3639: Housing Financial Literacy Act of 2020](https://openamerica.io/bill/116-S-3639/)
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