New legislation would extend a benefit similar to Veterans Affairs loans to first responders and teachers who buy homes.

U.S. Representatives John Rutherford (R-Fla.), Al Lawson (D-Fla.), John Katko (R-N.Y.), and Bonnie Watson Coleman (D-N.J.) introduced the bill, dubbed the Homes for Every Local Protector Educator and Responder Act, on May 13.

The bill would allow borrowers to finance up to 100% of the acquisition price. Mortgages would be subject to FHA loan limits. Homebuyers would pay an up-front mortgage insurance premium of 3.6 percent of the principal, which could be financed, and would not pay a monthly details ⇒

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