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S. 978119th CongressIn committeeLatest action Mar 12, 2025Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
Senate bill S 978 would let eligible first responders and teachers buy a first home with no down payment through FHA.
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S 978 would create a five-year FHA loan program allowing qualified first responders and teachers to purchase a home with zero down payment. Instead of recurring monthly mortgage insurance fees, borrowers would pay a single upfront insurance premium at closing. Each person may use the program only once.
The program covers full-time police officers, firefighters, paramedics, EMTs, and public or private K-12 teachers who have never owned a home. Part-time workers in those fields are not eligible.
Removing the down payment requirement changes the financial threshold for homeownership among workers in these fields. Shifting mortgage insurance to a one-time upfront premium rather than monthly payments alters the long-term cost structure of qualifying loans.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a Senate committee is reviewing it. If the House changes it, it goes back to the Senate before reaching the President.
Latest action: — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.