NAR Support Letter to Representative Beatty Regarding HR 1395, the "Housing Financial Literacy Act of 2021"

On March 18, NAR sent a letter to Congresswoman Joyce Beatty. The letter expresses NAR’s support for H.R. 1395, the “Housing Financial Literacy Act of 2021.” This bill provides for reduced FHA upfront mortgage insurance premiums to first-time buyers who have gone through approved housing counseling. 

 

FHA is a vital part of the country’s real estate market. FHA-insured financing provides access to credit to for many groups traditionally underserved by private industry, including low to moderate-income, minority, and first-time homebuyers. The current FHA premiums are significantly higher than what is necessary to cover the risks of losses, and NAR strongly supports efforts to reduce FHA premiums. H.R. 1395 will improve housing affordability and give homebuyers a greater understanding of mortgage and homeownership responsibilities.