Home Ownership Opportunities for Public Safety Officers and Teachers Act of 2001

Home Ownership Opportunities for Public Safety Officers and Teachers Act of 2001 - Amends the National Housing Act to provide for one percent downpayments (and deferral and reduction of up-front payments) for Federal Housing Administration mortgage loans for qualified elementary and secondary school teachers and administrators and non-Federal public safety officers to purchase homes within the jurisdictions of their employing agencies.

Provides a 50 percent discount for teachers and public safety officers purchasing certain eligible asset properties for use as their primary residence.

Directs the Secretary of Housing and Urban Development to carry out a mortgage assistance pilot program to assist Federal, State, and local public safety officers purchase primary residences in high-crime areas.