WASHINGTON—NAFCU has sent letters to the House and Senate in support of the bipartisan Homes for Every Local Protector, Educator, and Responder (HELPER) Act.
The legislation seeks to create a home loan program for first-time homebuyers within the Federal Housing Administration (FHA) that backers say would make homeownership more affordable for law enforcement officers, firefighters, EMTs, paramedics, and preK-12 teachers.
“Too often, we hear from our members about the difficulties of affording their first home,” Vice President of Legislative Affairs Brad Thaler wrote. “Because of this, NAFCU writes in support of the HELPER Act, which would help our members access affordable housing so that they can provide for their families and continue to serve their communities.”
What Program Would Do
The FHA program established by the HELPER Act would be similar to one managed by the Department of Veterans Affairs and, for qualified first responders and community servants, would:
- Eliminate a down payment requirement
- Eliminate a monthly mortgage insurance premium (MIP) requirement
- Require an upfront mortgage insurance (UFMI) premium, determined by the Secretary of Housing and Urban Development, to ensure the solvency of the program
- Require the program to be reauthorized after five years.
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