Political Quotes

“First I would like to thank Chairwoman Waters for all of her leadership and her support. Mr. Speaker, for a majority of American families, buying a home will be the biggest financial purchase in their lifetime. That is why this bill we are considering today is so important. My bill, the Housing Financial Literacy Act, H.R. 2162, would provide a 25-basis point discount on an FHA upfront mortgage insurance premium to first-time home buyers who complete a HUD-approved housing counseling program. One of the main barriers to homeownership is saving up for the downpayment. This bill would reduce that barrier by roughly $500. The FHA has been utilized by everyday American families to achieve the American Dream of homeownership. Eighty-two percent of all FHA- insured mortgages are used by first-time home buyers, likely since consumers only need to put down 3.5 percent as a downpayment. The downpayment is the number one barrier to homeownership for many first- time home buyers. This bipartisan bill would incentivize those prospective first-time home buyers to take ahold of their financial futures by taking a financial literacy class, while making it easier and a little cheaper for them to purchase that first home. These classes are already available across the country, from Homeport and Homes on the Hill in Columbus, Ohio, to Kentucky's Housing Corporation, to the Kenosha Housing Authority in Wisconsin, and the list goes on.…”