HR 2162 · 116th Congress · Housing and Community Development
Housing Financial Literacy Act of 2019
Bill Progress
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Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2019-07-10)
Plain Language Summary
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Housing Financial Literacy Act of 2019 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.…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 2162, Housing Financial Literacy Act of 2019
Aug 6, 2019As passed by the House of Representatives on July 9, 2019
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office