The HELPER Act Benefits

 What Benefits does The HELPER Act provide? 

The Homes for Every Local Protector, Educator, and Responder Act will support the men and women serving our communities by giving them the ability to afford a home in those communities.

By offering affordable mortgage possibilities to first time home buyers, along with no down payment or monthly mortgage insurance, the HELPER Act is a true bipartisan effort to enrich the lives of our local heroes.

HELPER Act Benefits

• No Down Payment - 100% Financing
• No Monthly Mortgage Insurance
  • One Time Premium
• No geographic restrictions
  • FHA price limits apply
• Seller Assist up to 6%

 No Down Payment 

Also known as 100% financing, this program will allow home buyers to purchase a home without the large up-front cost of a down payment.

How No Down Payment Helps Home Buyers

As home prices increase across the nation, the downpayment for a mortgage can require a substantial investment. By eliminating this massive up-front cost, homebuyers can get their foot in the door of the market before factors like rising rates can reduce their buying power.

The HELPER Act would allow home buyers to purchase their homes with 100% financing, which is an option not available to many Americans. This incredible benefit will help millions of Americans see buying a home as an affordable option for their family.

 No Monthly Mortgage Insurance* 

Private Mortgage Insurance (PMI) is a type of mortgage insurance the homeowner pays when they make a down payment of less than 20%. This monthly cost is in addition to your mortgage payment and can be another cost barrier preventing our Teachers, Law Enforcement, Firefighters, and EMTs from being able to afford a home in their communities.

What is Private Mortgage Insurance?

This is a type of mortgage insurance typically required to pay if you have a conventional loan and make a down payment of less than 20% of the home’s purchase price. It’s arranged by the lender and is provided by private insurance companies to protect the lender in the case of default or foreclosure.

This type of insurance does not cover your personal belongings, the structure of the house, or if you have problems with default payments.

 No Geographic Restrictions 

Oftentimes, home loan programs can be limited to a geographic region or property type. By offering no geographic restrictions, the HELPER Act expands the number of communities that can benefit from this program.

What are the FHA Limits?

FHA stands for the Federal Housing Administration which is a government agency created to increase homeownership across the United States all the way back in 1934. The agency itself doesn’t offer home loans but insures loans that are offered by private lenders (i.e. mortgage companies).

The FHA has a maximum loan limit it will insure. These loan limits are updated each year and are influenced by the conventional loan limits set by Fannie Mae and Freddie Mac. Other things like the type of home (i.e. duplex or single-family) can also affect the FHA loan limits. *

For low-cost areas, the loan limit increased from $331, 760 to $356,362. And for high-cost areas (i.e. San Francisco, Calif., and Seattle, Wash.) went up from $765,600 to $822,375. These loan limits are directly tied to both the median home prices and loan limits for conforming loans. You can check the FHA loan limits in your area here.

 Seller Assist Up To 6% 

The HELPER Act will allow home sellers to assist in paying up to 6% of closing costs, increasing the standard seller assist. This further reduces the up-front costs of a mortgage for qualifying home buyers using this program.

 Take Action! 

The list of people and organizations who believe in the HELPER Act is growing every day!

If you believe in the bipartisan cause of providing safe and affordable homes for our police officers, firefighters, educators, and EMTs, please get involved!

• Watch the Capitol Press Conference
• Read the full House of Representatives' Bill
• Read the full Senate Bill