JustListedKnoxville.com New bill slashes FHA mortgage insurance for first-time homebuyers

New bill slashes FHA mortgage insurance for first-time homebuyers. Borrowers who undergo counseling can get a discount on their upfront mortgage insurance.

The House of Representatives passed a bill Tuesday that slashes the cost of upfront mortgage insurance for first-time homebuyers using mortgages backed by the Federal Housing Administration.

The Housing Financial Literacy Act of 2019, or H.R. 2162, stipulates that first-time homebuyers who complete a housing counseling program to learn about sustaining homeownership can get a 25-basis-point discount (0.25%) on their upfront mortgage insurance for an FHA loan.

Tim Sharp  applauded the bill’s passage. CLICK HERE View Newest Listings Realtor’s, Zillow, Homes, Trulia MLS Listed Homes