WASHINGTON—Sen. Gary Peters (D-MI) has introduced the Housing Financial Literacy Act to coincide with National Homeownership Month in June.
The bill would provide first-time home buyers who complete a Department of Housing and Urban Development (HUD)-certified housing counseling course the opportunity to claim a .25% deduction on their Federal Housing Administration (FHA) mortgage insurance premium, America’s Credit Unions reported.
“Improving financial education and providing communities with the resources to invest is a hallmark of the credit union industry,” ACU President and CEO Jim Nussle said in a statement. “Sen. Peters’ legislation would incentivize first-time homebuyers to participate in financial literacy programs by offering a discount on FHA mortgage-insurance premium payments – a welcomed contribution as mortgage interest rates remain high and closing costs are on the rise.
“Research has shown that financial literacy programs drastically lower late payment and default rates,” Nussle continued. “Credit unions across the country are committed to ensuring their members have access to the best products and services so the American dream of homeownership is more attainable and affordable.”
‘Informed Decisions’
Added Patty Corkery, president/CEO of the Michigan league in a statement, “The Michigan Credit Union League (MCUL) strongly supports this bill, which offers a .25% deduction on FHA mortgage insurance premiums for first-time home buyers who complete a HUD-certified housing counseling course. We believe that financial education empowers consumers to make informed decisions, and there’s no bigger financial decision a buyer can make than home ownership. We are proud to back initiatives like this that promote financial wellbeing and support Michigan families in achieving their home ownership dreams.”
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