To require the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy housing counseling program.
About This Bill
Committee
Latest Action · June 13, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
The Housing Financial Literacy Act of 2024 would require the Department of Housing and Urban Development to reduce FHA mortgage insurance premiums for first-time homebuyers who complete financial literacy and housing counseling programs. Under the bill, qualifying first-time buyers who finish an approved counseling program before applying for or signing a mortgage agreement would receive a discount of 25 basis points (0.25 percent) on their mortgage insurance premium payments. This legislation aims to incentivize homebuyers to gain financial knowledge before entering into mortgage agreements, potentially improving their long-term financial stability. The bill does not specify particular funding amounts or implementation timelines. By making homeownership more affordable for informed first-time buyers, the measure targets Americans preparing to purchase their first home.
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