Financial Education and Counseling Assistance Act of 2007 - Amends the Housing and Urban Development Act of 1968 to require the Secretary of Housing and Urban Development (HUD) to carry out a grant program to assist eligible organizations to provide financial education and counseling services to homeowners and prospective homebuyers.
Requires the Secretary to give preference to established community-based financial education and counseling organizations capable of providing in-person services.
Prohibits an organization from receiving such financial assistance unless its financial counselors are HUD-certified.