The “Homes for Every Local Protector, Educator, and Responder (HELPER) Act” addresses the challenge of homeownership for first responders and educators, recognizing that these essential roles often come with financial constraints due to modest salaries and high job demands. The HELPER Act aims to empower these community heroes to achieve homeownership within the areas they serve. This bipartisan legislation offers practical solutions, including affordable mortgage options, the elimination of down payments, and the removal of monthly mortgage insurance expenses.
In May 2023, the HELPER Act was introduced in the Senate as S.1514 by a group of Senators, demonstrating its broad-based support across party lines. These Senators include Marco Rubio (R-FL), Jon Ossoff (D-GA), Sherrod Brown (D-OH), Richard Blumenthal (D-CT), Raphael Warnock (D-GA), and Catherine Cortez Masto (D-NV). In the House of Representatives, a companion bill known as H.R.3170 was introduced by Representatives John Rutherford (R-FL-05) and Bonnie Watson Coleman (D-NJ-12).
The HELPER Act is a crucial step in recognizing and supporting the dedicated individuals who keep our communities safe and educate our future generations, making it possible for them to establish homes in the very communities they serve.
The “Helper Act” is a legislative measure that establishes the “Federal Housing Administration (FHA) First-Time Homebuyer Program” designed to provide an exclusive home loan opportunity for our valued frontline professionals, including police and corrections officers, firefighters, EMTs and paramedics, and preK-12 teachers. This program aims to enhance homeownership affordability for these essential community members, enabling them to reside in the neighborhoods they serve. Under the “Helper Act,” participants benefit from several key provisions:
No Monthly Mortgage Insurance Payment: The program eliminates the burden of monthly mortgage insurance payments, relieving our dedicated helpers of this financial obligation.
No Down Payment: As part of this initiative, eligible first-time homebuyers in the specified professions are not required to make any down payment when purchasing their homes, reducing the upfront costs associated with homeownership.
One-Time, Upfront Mortgage Insurance Premium: Instead of ongoing monthly payments, participants are subject to a one-time, upfront mortgage insurance premium at the inception of their FHA home loans.
The “Helper Act” reflects our commitment to supporting those who serve our communities tirelessly, ensuring they have the means to establish roots and contribute to the neighborhoods they safeguard and enrich.
For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.
