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Mortgage Insurance Discount for First-Time Homebuyers with Financial Literacy Training.

This act aims to reduce the cost of homeownership for citizens buying their first home. If you are a first-time homebuyer and complete a housing financial literacy counseling program, you may receive a discount on your FHA mortgage insurance premium payments. This can help save money and make homeownership more accessible.
Key points
First-time homebuyers can get a discount on FHA mortgage insurance premiums.
The discount is conditional on completing a financial literacy counseling program before applying for a mortgage or signing a sales agreement.
The discount amounts to 25 basis points (0.25%) off the standard premium payment.
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Additional Information
Print number: 117_S_1490
Sponsor: Sen. Peters, Gary C. [D-MI]
Process start date: 2021-04-29
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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_S_1490.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-04-29.

What are the main provisions?

Key points include:

  • First-time homebuyers can get a discount on FHA mortgage insurance premiums.
  • The discount is conditional on completing a financial literacy counseling program before applying for a mortgage or signing a sales agreement.
  • The discount amounts to 25 basis points (0.25%) off the standard premium payment.
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 Sen. Peters, Gary C. [D-MI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Real Estate Benefits Economy