S4861Referred to Committee

Housing Financial Literacy Act of 2026

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-06-23
Introduced
1
Cosponsors
S
ⓘ
Type

Sponsor

Gary C. Peters
Gary C. Peters
Democrat · MI · Senator
Votes with party: 81.4% (833 recorded votes)

Full profile: /officials/P000595

Source: Congress.gov · FEC

Cosponsors (1)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

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

2026-06-23

Source: Congress.gov

Committee Activity

Currently in

Plain-English Summary

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.

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[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>
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