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Housing Financial Literacy Act of 2026
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.
Summary
- Requires first-time homebuyers to complete a financial literacy housing counseling program before applying for an FHA mortgage to be eligible for a discount.
- Provides a discount of 25 basis points (0.25%) on FHA mortgage insurance premium payments for homebuyers who complete the financial literacy program.
- The discount reduces the amount homebuyers must pay for mortgage insurance when obtaining an FHA-insured loan.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Peters, Gary C. [D-MI] (D-MI)
1 cosponsor
- Sen. Cornyn, John [R-TX] (R-TX)
Actions (2)
- Jun 23, 2026 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Jun 23, 2026 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
June 23, 2026
Mr. Peters (for himself and Mr. Cornyn) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Housing Financial Literacy Act of 2026”.
SEC. 2. DISCOUNT ON MORTGAGE INSURANCE PREMIUM PAYMENTS FOR FIRST-TIME HOMEBUYERS WHO COMPLETE FINANCIAL LITERACY HOUSING COUNSELING PROGRAMS.
The second sentence of subparagraph (A) of section 203(c)(2) of the National Housing Act (12 U.S.C. 1709(c)(2)(A)) is amended—
(1) by inserting before the comma the following: “and such program is completed before the mortgagor has signed an application for a mortgage to be insured under this title or a sales agreement”; and
(2) by striking “not exceed 2.75 percent of the amount of the original insured principal obligation of the mortgage” and inserting “be 25 basis points lower than the premium payment amount established by the Secretary under the first sentence of this subparagraph”. <all>
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