arrow_back Back to App

FHA mortgage insurance discount for first-time homebuyers completing financial literacy.

This Act introduces a discount on FHA mortgage insurance premiums for individuals purchasing their first home. To qualify, citizens must complete a financial literacy housing counseling program before signing the mortgage application or sales agreement. The goal is to reduce the cost of first-time homeownership and encourage better financial preparedness.
Key points
First-time homebuyers can receive a discount on their FHA mortgage insurance premium payments.
The discount is conditional upon completing a financial literacy housing counseling program BEFORE signing a mortgage application or sales agreement.
The premium payment will be 25 basis points (0.25%) lower than the standard premium set by the Secretary of Housing and Urban Development (HUD).
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_4542
Sponsor: Sen. Peters, Gary C. [D-MI]
Process start date: 2024-06-13
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Housing Financial Literacy Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4542.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-06-13.

What are the main provisions?

Key points include:

  • First-time homebuyers can receive a discount on their FHA mortgage insurance premium payments.
  • The discount is conditional upon completing a financial literacy housing counseling program BEFORE signing a mortgage application or sales agreement.
  • The premium payment will be 25 basis points (0.25%) lower than the standard premium set by the Secretary of Housing and Urban Development (HUD).
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 2025-12-26.

CATEGORIES

Real Estate Economy