The purpose of this legislation, known as the Housing Financial Literacy Act of 2026, is to make homeownership more accessible for first-time buyers by providing financial incentives. Specifically, it aims to reduce the cost of mortgage insurance for those who complete a financial literacy housing counseling program. This initiative is designed to encourage responsible financial practices among new homeowners. Key provisions of the law include a requirement that first-time homebuyers must complete a financial literacy housing counseling program before they apply for a mortgage.