arrow_back Back to App

Mortgage Insurance Discounts for First-Time Homebuyers

New rules offer discounts on mortgage insurance premiums for first-time homebuyers. To qualify, individuals must complete a financial literacy housing counseling program before applying for a mortgage. This aims to make homeownership more accessible and improve financial understanding.
Key points
First-time homebuyers can get a lower FHA mortgage insurance premium.
To qualify, a financial literacy housing counseling program must be completed before signing a mortgage application or sales agreement.
The discount is 25 basis points (0.25%) lower than the standard premium.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_1395
Sponsor: Rep. Beatty, Joyce [D-OH-3]
Process start date: 2021-02-26
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Housing Financial Literacy Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1395.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-26.

What are the main provisions?

Key points include:

  • First-time homebuyers can get a lower FHA mortgage insurance premium.
  • To qualify, a financial literacy housing counseling program must be completed before signing a mortgage application or sales agreement.
  • The discount is 25 basis points (0.25%) lower than the standard premium.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Beatty, Joyce [D-OH-3].

What is the latest detailed status?

The latest detailed status is: Pursuant to section 6 of H. Res. 330, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 367; H.R. 370; H.R. 396; H.R. 397, as amended; H.R. 408; H.R. 490; H.R. 965, as amended; H.R. 1251, as amended; H.R. 1395; H.R. 1491; H.R. 1528; H.R. 1532; H.R. 1565; H.R. 1602; and H.R. 2523, as amended; and the following resolution was agreed to under suspension of the rules: H. Res. 124, as amended. (consideration: CR H1979-1994; text: CR H1988)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Real Estate Benefits Economy