Bill · S. 4861· Senate(119-S-4861)
Housing Financial Literacy Act of 2026
- Introduced
- 6/23/2026
- Last activity
- 6/23/2026 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Gary Peters
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
This bill, known as the "Housing Financial Literacy Act of 2026," aims to reduce costs for first-time homebuyers. It requires the Secretary of Housing and Urban Development to discount FHA single-family mortgage insurance premium payments. To qualify for this discount, the homebuyer must complete a financial literacy housing counseling program. This program must be finished before the mortgagor signs a mortgage application or a sales agreement. The legislation specifically amends the National Housing Act to implement these changes.
Yes· 3 of 5
Does this make housing cost less?+6
The bill reduces costs for first-time homebuyers by discounting FHA mortgage insurance premiums.
Would people in their twenties and thirties be better off under this?+5
The bill provides financial relief to first-time homebuyers who are often younger adults.
Would households on low incomes be better off under this?+5
The discount on FHA mortgage insurance premiums assists households looking to enter homeownership.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Reduced Mortgage Costs: First-time homebuyers can receive a discount on their Firs-time mortgage insurance premium payments. The premium will be 25 basis points lower than the amount established by the Secretary. (Section 2)
-
Increased Financial Literacy: Individuals are encouraged to complete a financial literacy housing counseling program before committing to a mortgage or sales agreement. (Section 2)
Potential Negative Impacts for People
- No specific negative impacts are mentioned in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Low Income Households+5Good For Young Adults+5Good For Middle Class Households+4Good For Urban Residents+3
- Social Issues And Justice
- Improves Affordable Housing+6
- 6/23/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
5 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
John CornynRepublican · Texas