Housing Financial Literacy Act of 2023

HR 4899, the Housing Financial Literacy Act of 2023, lowers mortgage insurance premiums for first-time homebuyers who complete approved financial literacy counseling. The bill requires that homebuyers finish such counseling before signing a mortgage application or sales agreement. It changes the premium structure so that eligible borrowers pay 0.25 percentage points less than the standard rate set by the Secretary. This directly affects first-time homebuyers participating in designated housing counseling programs. The policy modifies existing National Housing Act provisions to incentivize financial education prior to mortgage application.