S. 4542 proposes a law that would allow first-time homebuyers to pay a reduced rate on their FHA mortgage insurance premiums if they complete a financial literacy housing counseling program. The Secretary of Housing and Urban Development would implement this by modifying how...
Simple Explanation
First-time homebuyers can save money on their FHA loan insurance if they take a class about managing money and buying a house before they start the process. This bill wants to make sure people learn about buying a house so they’re ready for it.