This bill directs the Secretary of Housing and Urban Development to study whether the Federal Housing Administration can eliminate down payment requirements for first-time homebuyers who are first responders or school teachers. The bill specifically asks HUD to examine the feasibility, costs, and potential impact on the FHA's mortgage insurance fund, as well as what premium rates would be needed to keep such a program financially sustainable. HUD must also explore whether elements of the Veterans Affairs Home Loan Program could be incorporated into any new program design, and if the proposal is not feasible, recommend alternative solutions. The Secretary must submit this report to Congress within 180 days of the bill's enactment. The legislation defines first responders as full-time law enforcement officers, firefighters, paramedics, and emergency medical technicians employed by federal, state, tribal, or local governments, and school teachers as full-time educators at accredited pre-kindergarten through 12th grade institutions.
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