New legislation would offer a benefit similar to VA loans to first responders and teachers looking to buy homes. This new bill called the Homes for Every Local Protector Educator and Responder Act was introduced on May 13th. This bill would allow first responders and teachers to finance up to 100% of the price of their home purchase subject to FHA loan limits. Similar to an FHA loan, borrowers would pay an up-front mortgage insurance premium which could also be financed. This would replace the monthly insurance premium. The new program, if passed, would be administered by the Federal Housing Administration. Under this proposed bill public/private school teachers, prison guards, police officers, firefighters, paramedics, and emergency medical technicians would all be eligible for this benefit.
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