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II
117TH CONGRESS
1ST SESSION
S. 1490
To require the Secretary of Housing and Urban Development to discount
FHA single-family mortgage insurance premium payments for first-time
homebuyers who complete a financial literacy housing counseling pro-
gram.
IN THE SENATE OF THE UNITED STATES
APRIL 29, 2021
Mr. PETERS (for himself and Mr. CORNYN) introduced the following bill;
which was read twice and referred to the Committee on Banking, Hous-
ing, and Urban Affairs
A BILL
To require the Secretary of Housing and Urban Development
to discount FHA single-family mortgage insurance pre-
mium payments for first-time homebuyers who complete
a financial literacy housing counseling program.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Housing Financial Lit-
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eracy Act of 2021’’.
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•S 1490 IS
SEC. 2. DISCOUNT ON MORTGAGE INSURANCE PREMIUM
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PAYMENTS FOR FIRST-TIME HOMEBUYERS
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WHO COMPLETE FINANCIAL LITERACY HOUS-
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ING COUNSELING PROGRAMS.
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The second sentence of subparagraph (A) of section
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203(c)(2) of the National Housing Act (12 U.S.C.
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1709(c)(2)(A)) is amended—
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(1) by inserting before the comma the following:
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‘‘and such program is completed before the mort-
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gagor has signed an application for a mortgage to
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be insured under this title or a sales agreement’’;
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and
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(2) by striking ‘‘not exceed 2.75 percent of the
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amount of the original insured principal obligation of
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the mortgage’’ and inserting ‘‘be 25 basis points
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lower than the premium payment amount estab-
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lished by the Secretary under the first sentence of
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this subparagraph’’.
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Æ
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