Housing Financial Literacy Act of 2024
The Housing Financial Literacy Act of 2024 reduces mortgage insurance premiums for first-time homebuyers who complete approved financial literacy counseling. It modifies existing FHA mortgage rules to require completion of such counseling before signing a mortgage application or sales agreement. The key change lowers the mortgage insurance premium by 25 basis points (0.25% of the mortgage amount) for qualifying buyers. This directly affects first-time homebuyers seeking FHA-insured mortgages, incentivizing financial education before purchasing a home.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jun 2024
Committee Review
Floor Vote
President
Introduced Jun 13, 2024
Last action Jun 13, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jun 13, 2024
Committee
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
upper
Jun 13, 2024
Introduced
Introduced in Senate
upper
1 primary · 1 co-sponsor
Sponsors
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