Article Summary
The HELPER Act (Homes for Every Local Protector, Educator, and Responder) is a bipartisan bill designed to address the housing affordability crisis by eliminating down payment and mortgage insurance requirements for first-time homebuyers in essential professions like teachers, firefighters, police officers, EMTs, and paramedics. Modeled after the VA home loan program, this legislation aims to expand homeownership opportunities, stimulate the real estate market, and support median-income families. Endorsed by major organizations like the Fraternal Order of Police and the National Education Association, the HELPER Act has strong bipartisan support but needs broader industry recognition to achieve its transformative potential.
What This Means for You
- Increased Buyer Pool: Real estate agents and lenders can expect a surge in qualified buyers, particularly in markets with entry-level homes priced between $300,000 and $500,000.
- Simplified Transactions: By removing down payment barriers, the HELPER Act streamlines the homebuying process, making it easier to close deals and reduce client frustration.
- Industry Growth: Developers and mortgage professionals will benefit from increased demand for new housing communities and expanded lending opportunities.
- Call to Action: Real estate professionals should advocate for the HELPER Act by educating clients, engaging local associations, and pushing for its passage to ensure its widespread impact.
The HELPER Act promises to open up housing opportunities and give the real estate business a much-needed lift
It’s no secret that we’re in the throes of a housing affordability crisis—anybody in the real estate trenches has felt it, in the form of stalled deals, frustrated clients, and collapsed sales.
That’s where the HELPER Act comes in. The anagram stands for Homes for Every Local Protector, Educator, and Responder, modeled after the popular and successful VA home loan program. Endorsed by the Fraternal Order of Police, the International Association of Fire Fighters, the International Association of EMTs and Paramedics, and the National Education Association, this bipartisan bill could eliminate the down payment and monthly mortgage insurance requirements for teachers, firefighters, police officers, EMTs, and paramedics who are looking to purchase their first home.
For agents, brokers, developers, and mortgage professionals, the HELPER Act isn’t just good policy, it’s great business—for a number of reasons.
First and foremost, the HELPER Act makes everyday real estate deals easier to close by removing the most significant barrier to entry. When viable prospects are looking to purchase a home, more often than not, it’s the down payment that gets in the way. Even many fully employed couples eager to plant roots in a community can’t find the cash to make a purchase work. The HELPER Act opens the door for these buyers and gets them pre-approved, which makes homeownership possible.
The HELPER Act also supports families with median incomes—precisely the buyers most affected by today’s high prices and homes in short supply. It expands the pool of qualified buyers in areas where entry-level homes cost $300,000 to $500,000. It’s a critical stimulant for growth in new housing communities and promises to help developers, agents, and lenders where they need it most.
The word is spreading, but not fast enough. The HELPER Act was introduced in the House of Representatives and the Senate and is supported by the Association of Independent Mortgage Experts, National Association of REALTORS, and the National Association of Mortgage Brokers. It has already earned strong bipartisan support but has not yet achieved the widespread recognition it needs to revolutionize our industry.
At a recent Mortgage Bankers Association advocacy day, only one of twenty mortgage professionals in the room had heard of the bill. This is unfortunate because the HELPER Act is one of the few proposals in Washington that can make a difference and improve our industry.
It’s common for real estate professionals to look to Washington and ask, “What are they doing about housing?”
But the real question is: What are we doing?
The HELPER Act allows us to advocate for good, educate our clients, push local associations to support the bill, and make this initiative a reality. Our community thrives when housing is accessible, and our industry thrives when more people can buy homes. Supporting the HELPER Act is a chance to align our values with our bottom line.
Let’s not wait for the housing affordability crisis to fix itself. Let’s support the buyers, lenders, agents, and developers who need a more flexible and viable open real estate market.
Justin Goldstein is the founder and president of PR73. This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the editor responsible for this piece: [email protected].
People Also Ask About
- What is the HELPER Act? The HELPER Act is a bipartisan bill aimed at eliminating down payment and mortgage insurance requirements for first-time homebuyers in essential professions.
- Who qualifies for the HELPER Act? Teachers, firefighters, police officers, EMTs, and paramedics looking to purchase their first home are eligible.
- How does the HELPER Act benefit the real estate industry? It expands the pool of qualified buyers, simplifies transactions, and stimulates growth in new housing communities.
- What organizations support the HELPER Act? The Fraternal Order of Police, International Association of Fire Fighters, and National Education Association are among its endorsers.
- What’s the status of the HELPER Act? It has bipartisan support in Congress but needs broader industry advocacy to gain traction.
Expert Opinion
The HELPER Act represents a rare opportunity to address the housing affordability crisis while simultaneously boosting the real estate industry. By targeting essential workers and removing financial barriers, this legislation not only aligns with societal values but also creates a win-win scenario for buyers, lenders, and developers. Its success hinges on widespread industry advocacy, making it imperative for real estate professionals to champion this cause.
Key Terms
- HELPER Act housing benefits
- First-time homebuyer programs for essential workers
- Down payment assistance for teachers and first responders
- Real estate market growth through HELPER Act
- Bipartisan housing affordability solutions
- Mortgage insurance elimination for first-time buyers
- Impact of HELPER Act on homeownership rates
ORIGINAL SOURCE:
Source link
Automatic Mortgage Calculator
Welcome to our Automatic Mortgage Calculator 4idiotz! Please just add your figures in the correct sections below and the Automatic Mortgage Calculator will automatically calculate the results for you and display them at the bottom of the page.
