Housing Financial Literacy Act of 2023

Summary

Housing Financial Literacy Act of 2023 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 discount for these 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 discount for these 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.  

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 July 2023

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• Introduced in House (PDF)

  Introduced in House · EN · 26 July 2023

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• Introduced in House

  summary · EN · 26 July 2023

  Open at official source

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