Housing Financial Literacy Act of 2026

Gary C. Peters

Democrat · MI · Senator

Source: Congress.gov · FEC

• John Cornyn (R-TX)Original· 2026-06-23

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2026-06-23

Source: Congress.gov

The federal government would reduce mortgage insurance costs for first-time homebuyers who complete a financial literacy and housing counseling program. This discount would apply to FHA loans, which are popular among people buying their first home because they require smaller down payments than conventional mortgages. The goal is to help new homeowners save money while encouraging them to learn about budgeting and responsible homeownership.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4861 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4861 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. _______________________________________________________________________ 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>

• S4885A bill to require the Secretary of Health and Human Services to conduct a national, evidence-based education campaign to increase public and health care provider awareness regarding the potential risks and benefits of human cell and tissue products transplants, and for other purposes.
  Referred to Committee · 2026-06-24
• S4811Tribal Conservation Priorities Inclusion Act
  Referred to Committee · 2026-06-17
• S4679A bill to amend title 49, United States Code, to allow the introduction of certain noncompliant motor vehicle equipment in interstate commerce for testing purposes, and for other purposes.
  Referred to Committee · 2026-06-03
• SRES755A resolution honoring the life of the Honorable Donald W. Riegle, Jr., former Senator for the State of Michigan.
  Introduced · 2026-06-01