Housing Financial Literacy Act of 2026
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Housing Financial Literacy Act of 2026 aims to help first-time homebuyers by offering a discount on their Federal Housing Administration (FHA) mortgage insurance premiums. This discount is available to those who successfully complete a HUD-approved financial literacy housing counseling program before finalizing their mortgage application or sales agreement. The bill modifies existing regulations to lower the discount rate to 25 basis points below the standard premium payment.
Key provisions
- Requires HUD to offer a discount on FHA mortgage insurance premiums.
- The discount applies to first-time homebuyers.
- Completion of a financial literacy housing counseling program is required.
- The program must be completed before the mortgage application or sales agreement.
- The discount rate is 25 basis points lower than the standard premium.
Who is affected
- First-time homebuyers
- Federal Housing Administration (FHA) borrowers
- Financial literacy housing counseling program providers
- The Department of Housing and Urban Development (HUD)
Notable changes
- Lowers the FHA mortgage insurance premium discount for first-time homebuyers who complete financial literacy counseling.
- Specifies that the counseling program must be completed before the mortgage application is submitted.
Bill text
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