“A bill to amend the National Housing Act to establish a mortgage insurance program for first responders, and for other purposes.”
No CRS summary available for this bill.
This section establishes an FHA mortgage insurance program under a new subsection (z) of section 203 of the National Housing Act for first-time homebuyers who are first responders (i.e., full-time law enforcement officers, firefighters, paramedics or emergency medical technicians, or pre-K-12 teachers employed by federal, state, tribal, or local governments). Eligible mortgages—limited to purchasing or repairing a 1-family principal residence (including condos or permanently affixed manufactured homes)—may involve a principal obligation up to 100 percent of the appraised value with no down payment requirement and only an adjustable up-front mortgage insurance premium (potentially exceeding 3 percent, with no monthly premium). To qualify, mortgagors must complete HUD-approved housing counseling, attest to at least 4 years of first responder employment in the prior 5 years (or disability-related separation), be in good standing with intent to continue employment for 1 year post-closing, and have never previously used this program; they must also meet Secretary-established risk, underwriting, and actuarial standards.