This bill aims to reduce housing costs for first-time homebuyers by offering a discount on FHA single-family mortgage insurance premiums. To qualify for this benefit, first-time homebuyers must complete a financial literacy housing counseling program, which must be finished before signing an application for a mortgage or a sales agreement for a home. The legislation mandates that the premium payment for eligible individuals will be 25 basis points lower than the standard amount set by the Secretary of Housing and Urban Development. This provision incentivizes financial education among new homeowners, potentially leading to more informed financial decisions and reduced long-term costs associated with their FHA-insured mortgages. By linking financial literacy to premium reductions, the bill seeks to promote responsible homeownership and improve financial stability for first-time buyers.