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S 1490 117th Congress Senate Housing and Community Development Financial literacy Housing finance and home ownership Life, casualty, property insurance

Housing Financial Literacy Act of 2021

Introduced: April 29, 2021 Introduced by: Peters, Gary C. Democratic · Michigan See on congress.gov
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) 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
Apr 29, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 29, 2021
Introduced in Senate
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 Plain-English summary Congressional Research Service

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's happening now April 29, 2021

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

 Related & companion bills 1
  • HR 1395 Identical bill Housing Financial Literacy Act of 2021
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Cornyn, John
Texas · Apr 29, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1490: Housing Financial Literacy Act of 2021. 117th Congress. Open America. https://openamerica.io/bill/117-S-1490/
MLA
"S. 1490: Housing Financial Literacy Act of 2021." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-1490/.
Bluebook (legal)
S. 1490, 117th Cong. (2026), https://openamerica.io/bill/117-S-1490/.
Markdown link
[S. 1490: Housing Financial Literacy Act of 2021](https://openamerica.io/bill/117-S-1490/)
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