A First-Time Buyer Bill Gets Sponsored |
September 18, 2023 |
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Hi, Home Buyer.
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Today's Live Mortgage Update
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Good news for buyers in search of grant money.
Last week, The Downpayment Toward Equity Act of 2023 picked up another four co-sponsors in Congress,
raising co-sponsor total to 35.
The popular bill gives eligible first-time home buyers cash grants up to $25,000 for down payment on a home, closing costs on a mortgage, and other home purchase expenses.
The bill's current language requires that home buyers:
- Be a first-time home buyer
- Earn a low- or moderate income consistent for their area
- Buy a home that will be a primary residence
- Use a conventional, FHA, USDA, or VA mortgage
- Be a first-generation home buyer, have parents or legal guardians who defaulted on a home loan, or lived in foster care during their lifetime
The Downpayment Toward Equity Act isn't yet law so today's buyers can't use it to help buy a home. But, with new co-sponsors added, the bill piclks up momentum.
Read more about the Downpayment Toward Equity Act here.
Happy homebuying,
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HOMEBUYER.COM STATISTIC OF THE DAY
Source: FFEIC
The Top 5 Counties For Conventional Mortgages in 2022:
Maricopa County, Arizona (54,778)
Cook County, Illinois (52,394)
Los Angeles County, California (48,935)
Harris County, Texas (40,546)
King County, Washington (27,963)
Data is based on residential purchase mortgages in 2022.
See our collection of 170+ mortgage facts and statistics here.
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MORTGAGE RATE
CALENDAR
Upcoming events that may change the direction of mortgage rates
September 19, 2023: Housing Starts
September 19, 2023: Building Permits
September 19-20, 2023: Federal Reserve meeting
September 21, 2023: Existing Home Sales
September 28, 2023: GDP Sales
September 29, 2023: Personal Consumer Expenditures
Subscribe to our YouTube channel for additional insight.
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FIRST-TIME HOME BUYER PROGRAMS
Status of select
first-time home buyer bills in Congress
The Downpayment Toward Equity Act
A cash grant up to $25,000 for first-time, first-generation home buyers.
- Last Action in Congress: June 21, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, 100% USDA
The DASH Act
A $15,000 first-time home buyer tax credit.
- Last Action in Congress: March 7, 2023
- Status: Not yet passed
- Alternative Mortgages: HomeReady, HomePossible
The HELPER Act
A 100% mortgage for teachers & first responders.
- Last Action in Congress: May 10, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, VA Mortgage
The LIFT Act
A mortgage that builds home equity faster.
- Last Action in Congress: June 22, 2023
- Status: Not yet passed
- Alternative Mortgages: None
The Middle Class Mortgage Insurance Premium Act
A bill to make mortgage insurance tax deductions permanent for homeowners earning less than $100,000/$200,000.
- Last Action in Congress: June 13, 2023
- Status: Not yet passed
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