Senators Peters (D-MI) and Cornyn (R-TX) have introduced S. 3639, the ‘‘Housing Financial Literacy Act of 2019.’’ This bill will permit first time buyers who have gone through approved counseling to lower their FHA mortgage insurance premiums. S. 3639 will help homebuyers gain a greater understanding of mortgage and homeownership responsibilities while improving housing affordability. FHA’s current premiums are significantly higher than what is necessary to cover the risks of losses, and NAR strongly supports efforts to reduce FHA premiums.
This legislation is a companion bill to H.R. 2162, introduced by Reps. Beatty (D-OH) and Stivers (R-OH), which passed the House last year.