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119-hr-7755119th CongressWALLET

Housing for Our Hometown Heroes Act

Sponsored By: Representative Barrett, Tom [R-MI-7]

Introduced

Summary

Would waive the FHA cash down payment requirement for certain first-time homebuyers who are first responders or school teachers. This bill would require HUD to study whether such an exemption is feasible and how it would affect costs, premiums, and program design.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Study on zero-down FHA for teachers, responders

If enacted, the bill would require HUD to report to Congress within 180 days. The report would study whether first-time homebuyers who are first responders or school teachers could be exempt from any cash downpayment required for FHA mortgage insurance. It would analyze benefits and harms, the program cost and the effect on the Mutual Mortgage Insurance Fund. The report would study solvency options (upfront fees or upfront plus annual fees), how the change would affect homebuying by these groups, and premiums needed for a negative credit subsidy rate. HUD would consult the Department of Veterans Affairs and the report defines who counts as a first responder and a school teacher for the study.

Sponsors & CoSponsors

Sponsor

Barrett, Tom [R-MI-7]

MI • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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