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II
116TH CONGRESS
2D SESSION
S. 3639
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
MAY 7, 2020
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 2020’’.
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•S 3639 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 section 203(c)(2)(A) of the
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National Housing Act (12 U.S.C. 1709(c)(2)(A)) is
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amended by striking ‘‘not exceed 2.75 percent of the
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amount of the original insured principal obligation of the
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mortgage.’’ and inserting ‘‘be, in the case of a mortgage
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insured during the 4-year period beginning on the date
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that is 1 year after the date of enactment of the Housing
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Financial Literacy Act of 2020, 25 basis points lower than
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the premium payment amount established by the Sec-
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retary under the first sentence of this subparagraph, and,
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in the case of a mortgage insured after that 4-year period,
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set by the Secretary at a number of basis points lower
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than that premium payment amount that corresponds to
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the reduced risk of loss, if any, due to the counseling.’’.
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Æ
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