H.R. 7755 — Housing for Our Hometown Heroes Act

This section directs the Secretary of Housing and Urban Development (HUD), through the Assistant Secretary for Housing—Federal Housing Commissioner, to submit to Congress, not later than 180 days after enactment, a report on the feasibility of a program exempting first-time homebuyer first responders and school teachers from the minimum cash investment requirement under section 203(b)(9) of the National Housing Act for Federal Housing Administration (FHA) mortgage insurance. The report must analyze (1) benefits and detriments; (2) costs and impacts on the Mutual Mortgage Insurance Fund; (3) solvency options using upfront fees or upfront and annual fees; (4) effects on first responders' and school teachers' homebuying ability; (5) premiums needed for a negative credit subsidy rate; and (6) if infeasible, alternative solutions. HUD must consult the Secretary of Veterans Affairs on incorporating elements of the VA Home Loan Program, with "first responder" defined to include full-time law enforcement, firefighters, paramedics, and emergency medical technicians employed by federal, state, tribal, or local governments, and "school teacher" defined as a full-time teacher at a state-accredited pre-K-12 school.