An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

First responder

For this bill, it includes full-time law enforcement officers, firefighters, paramedics, emergency medical technicians, and K-12 teachers working at accredited public or private schools.

FHA Mortgage Insurance Program

A government program run by the Federal Housing Administration that insures certain home loans, protecting lenders against losses if a borrower defaults, which helps people get mortgages with lower down payments and more flexible terms.

Mortgage insurance premium (MIP)

A fee paid by borrowers on certain mortgages to protect the lender (and the FHA, in this case) if the borrower stops making payments. FHA loans typically have both an upfront and a monthly premium.

Down payment

The initial amount of money a homebuyer pays upfront for a home, typically a percentage of the purchase price, with the rest financed by a mortgage loan.

First-time homebuyer

Generally, an individual who has not owned a home in the past three years. The specific definition is referenced from another housing act.

Tribal government

The recognized governing body of an Indian or Alaska Native tribe, band, or nation, as officially listed by the federal government.