Bill > S978

This bill establishes a specialized Federal Housing Administration (FHA) mortgage insurance program specifically designed to help first responders and teachers purchase homes with more favorable terms. The program defines "first responders" as full-time law enforcement officers, firefighters, paramedics, emergency medical technicians, and full-time teachers in public or private schools serving pre-K through 12th grade. Eligible mortgagors must be first-time homebuyers, complete a housing counseling program, be currently employed as a first responder (or have been employed as one for at least 4 of the past 5 years), be in good standing, and intend to continue their profession. The bill allows these mortgages to be insured for up to 100% of the property's appraised value with no down payment required, and introduces a unique up-front premium structure that eliminates monthly mortgage insurance premiums. The program is initially funded with $660,000 for fiscal year 2026 and $160,000 annually from 2027 to 2032, with the mortgage insurance authority set to expire 5 years after the program's initial implementation. The goal is to provide more accessible homeownership opportunities for essential public service professionals who might otherwise struggle to purchase a home.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/978/all-info