House members of Congress recently introduced joint legislation that would allow teachers and first responders — such as cops, firemen, EMTs, and paramedics — to get a mortgage without putting down any money.
The HELPER Act
The HELPER Act (Homes for Every Local Protector, Educator, and Responder) aims to assist such persons in obtaining a house in today’s competitive housing market. The measure was sent to the House Financial Services Committee, but it has yet to have a markup.
The bill would do the following:
- Under the Federal Housing Administration, create a one-time-use home loan program (FHA)
- Remove the necessity for a down payment
- Remove the obligation for a monthly mortgage insurance premium (MIP)
The bill is based on the VA Residential Mortgage Program, which provides benefits to war veterans in the United States. In addition to lowering the upfront expenses of buying a property, it is estimated to save qualifying customers roughly $90 per month on their monthly mortgage payments.
Proposed by Reps. Al Lawson (D-Fla.), John Rutherford (R-Fla.), and Bonnie Watson Coleman, in addition to Katko (D-N.J.). It was launched by Samuel Royer, the national director of Heroes First Home Loans, who believes the bill will pass in Congress because of its bipartisan support and positive intentions.
The HELPER Act is being supported by the Association of American Educators (AAE), a nationwide non-union professional organization.
“Educators have always gone above and beyond what is required of them, working long hours and investing hundreds of dollars each year to guarantee their kids receive a high-quality education,” said Colin Sharkey, AAE Executive Director. “Despite their dedication to their communities, too many of our country’s educators are unable to purchase their first house.
“Despite various hurdles throughout the COVID-19 epidemic, our educators have continued to rise to the task of providing a great education for their children,” Sharkey stated. “They are deserving of our support, and providing them with affordable housing is one way to show our appreciation for their dedication to our children and communities.”
