During National Homeownership Month, Peters Reintroduces Bipartisan Bill to Improve Housing Financial Literacy and Lower Costs for First-Time Homebuyers

WASHINGTON, DC - During National Homeownership Month, U.S. Senator Gary Peters (MI) reintroduced bipartisan legislation that aims to improve housing financial literacy and lower costs for prospective first-time homeowners. The Housing Financial Literacy Act would provide those who complete a housing counseling course certified by the Department of Housing and Urban Development (HUD) with the opportunity to claim a 0.25% deduction on their Federal Housing Administration (FHA) mortgage insurance premium. The bill specifies first-time homebuyers must complete the course prior to applying for a mortgage or entering into a sales agreement.

"Purchasing a home can be a stressful, confusing, and complicated process, especially as we face a housing affordability crisis in our country. We must ensure all Michiganders have resources that can help them prepare for successful homeownership," said Senator Peters. "This bipartisan bill incentivizes first-time homebuyers to gain these important skills while giving them a leg up on their mortgage payments and long-term financial stability."

Peters introduced this bipartisan legislation with U.S. Senator John Cornyn (R-TX). The bill is supported by America's Credit Unions, the National Association of Realtors, and the National Housing Resource Center.

"Buying a home remains one of the most significant milestones on the path to financial security, and far too many first-time buyers face that journey without adequate support. Senator Peters' legislation changes that by pairing financial literacy with meaningful incentives, recognizing that informed consumers are stronger borrowers. Credit unions have long been in this work: educating members, demystifying the mortgage process, and securing affordable loans that fit real lives. Congress should pass this bill and further support housing efforts," said Kathleen Coulombe, Chief Advocacy Officer at America's Credit Unions.

"Homeownership begins with knowledge. The bipartisan Housing Financial Literacy Act would help equip first-time homebuyers with the financial education and tools they need to navigate one of the most important decisions of their lives. By promoting greater financial literacy, this legislation can help expand access to sustainable homeownership, strengthen household financial stability, and support stronger communities across the country. The National Association of REALTORS® is proud to support Senator Peters and Senator Cornyn's efforts to empower consumers and create more pathways to achieving the American Dream of homeownership," said Shannon McGahn, Chief Advocacy Officer and Executive Vice President of the National Association of REALTORS®.

"The Housing Financial Literacy Act is smart legislation to support First-Time-Homebuyers who are getting FHA insured loans, by providing a modest mortgage insurance premium reduction if they complete homebuyer housing counseling. This prepares the homebuyer, reduces risk for the lender, and helps protect the FHA fund against delinquency and default losses. This is the classic win-win situation for homeownership, at a time when homebuyers need all the support they can get," said Bruce Dorpalen, Executive Director, National Housing Resource Center.

Peters has previously called for action to address the affordable housing crisis in Michigan. As a member of the Appropriations Committee, Peters has secured federal funding for affordable housing projects across Michigan. Peters also recently helped the Senate advance the 21st Century ROAD to Housing Act, bipartisan legislation that would make progress to bring housing costs down for Michigan families by growing the current housing supply and improving federal programs that help communities develop new housing projects.

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