A First-Time Buyer Bill Gets Sponsored

September 18, 2023

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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,

HOMEBUYER.COM STATISTIC OF THE DAY
Source: FFEIC

The Top 5 Counties For Conventional Mortgages in 2022:

1. Maricopa County, Arizona (54,778)

2. Cook County, Illinois (52,394)

3. Los Angeles County, California (48,935)

4. Harris County, Texas (40,546)

5. King County, Washington (27,963)

Data is based on residential purchase mortgages in 2022.

See our collection of 170+ mortgage facts and statistics here.

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

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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