NEW BILL: 0% Down and No PMI Mortgage for First Responders & Teachers

NEW BILL: 0% Down and No PMI Mortgage for First Responders & Teachers

There is a new bipartisan bill
that would give teachers and first responders, VA like home buying powers. So in this video, we're going to cover
some of the details that we know about it so far, and a really big downside that I
want to make sure that you are aware of. So I bring you information that
helps you learn to commonly buy a homesick, go ahead and hit subscribe
and the bell, and we can build the best home buying community together. So this bill is called the
homes for every local protector, educator and responder act. See, it turns into helper as an acronym. You teasing me it's goal is to
address the issues that many first responders and educators can't actually
achieve home ownership in the same communities that they serve it. And so this Bill's goal is basically
to model after the VA home loan program to help first responders and teachers
be able to get into home ownership in the communities where they work. So it would be a program. Under FHA. It helps first responders, education
educators who have faithfully served their communities and, and they, they
use the word faithfully because what we're seeing right now, at least that
of what's been discussed is that likely it will need you'll need to be working
in that line of work for at least four years to be able to qualify them.

All right. And so they modeled it after the VA
loan program, which is right now only reserved for veterans it's issued
by the veterans administration. And it's a fantastic loan program. So this program would be 0%
down, no monthly mortgage insurance, but here's the kicker. They are looking at charging a
3.6% upfront mortgage insurance premium based on the loan amount. All right. So on a $300,000 loan, for instance,
that's an additional $10,800 added to the balance up front, right? So instead of getting a $300,000
loan, you're getting a $310,800 loan. So if you want to go sell the home,
that does have to be paid back. You took out a loan for that
upfront cost there, and it's unclear if the rate will be lower. Right. Usually if we're looking at FHA loans,
VA loans, USDA loans, they tend to have a lower rate than a conventional loan would.


That's normally because of the
upfront mortgage insurance premium. So it's unclear since this is going
to be under FHA and it's supposed to be VA, like if it's going to
have a lower rate, Who knows. Right. And so it's important to remember
that this is just a bill. It still has to get introduced,
discussed formalized passed by the house Senate signed off by the presidency. And so I feel like every time we make
a video about talking about a bill, someone asks, when is this available? So what I want you to do to just spam the
comments and say, when is this available? Just do it.

I used to be irritated by it. Now let's just go for it. Just say, when is this available? When is this coming? So we don't know. So, what I'll do is I'll keep you
updated as we see this progress through. So it'll be interesting to see
how this actually gets put into Congress, if it even passes the
house and moves on to the Senate. And then if it gets signed into law
to actually become a real program..

As found on YouTube

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