Housing Financial Literacy Act of 2021

The Housing Financial Literacy Act of 2021 proposes to lower the cost of homeownership for first-time buyers by providing a discount on Federal Housing Administration (FHA) mortgage insurance premiums. To qualify for this 0.25% reduction, buyers must complete a certified financial-management counseling program before signing a sales agreement or applying for a mortgage. By incentivizing financial education, the bill aims to help new homeowners better manage their finances while reducing their monthly mortgage payments.