CANADA Act

House Bill

H.R. 4899

119th Congress

CANADA Act

In Committee

Introduced:Aug 5, 2025

Primary Sponsor

Joyce Beatty

Representative

Democratic

OH-3

Cosponsors

12

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill would change the discount offered by the Federal Housing Administration (FHA) for first-time homebuyers who complete a financial management counseling program. Currently, the maximum discount is 2.75% of the mortgage. The bill would reduce this to 0.25% less than the normal discount, requiring these homebuyers to complete the counseling program before applying for a mortgage or signing a sales agreement.

Latest Action

Referred to the House Committee on Financial Services.

AI Summary

Plain-English explanation of this bill

This bill would change the discount offered by the Federal Housing Administration (FHA) for first-time homebuyers who complete a financial management counseling program. Currently, the maximum discount is 2.75% of the mortgage. The bill would reduce this to 0.25% less than the normal discount, requiring these homebuyers to complete the counseling program before applying for a mortgage or signing a sales agreement.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

Housing Financial Literacy Act of 2023This 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.

Key Points

Main provisions of the bill

Reduces the maximum FHA discount for first-time homebuyers who complete a financial management counseling program from 2.75% to 0.25% less than the normal discount
Requires first-time homebuyers to complete the financial management counseling program before applying for a mortgage or signing a sales agreement
Aims to promote financial literacy and responsible homebuying among first-time homebuyers

How This Impacts Americans

Potential effects on citizens and communities

This bill would impact first-time homebuyers who use FHA-insured mortgages. By reducing the discount for those who complete financial counseling, it could encourage more first-time buyers to take advantage of this program and become more financially literate before purchasing a home. This could lead to more informed and sustainable homeownership decisions.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

4899, 119th Congress (2025). "CANADA Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-4899