Biden First Time Home Buyer Grant Program: 5 Things You Should Know

The Biden administration has proposed a $25,000 First Time Home Buyer Grant to assist qualifying buyers in becoming homeowners.

On April 14, 2021, lawmakers presented 17 housing-related bills. The Downpayment Toward Equity Act of 2021, also known as the $25,000 First-Time Home Buyer Grant, is one of the 17 bills presented.

The grant addresses a related campaign promise made by the Biden administration: to provide Americans with direct financial assistance to help them purchase quality housing.

The best thing is that it is not a tax credit.  For renters who have struggled to take the first step toward homeownership, a new era will begin with the passing of this bill.

Down Payment Toward Equity Act of 2021

The Down Payment Toward Equity Act of 2021 will grant qualifying first time home buyers $25,000 in cash, which they could use for a down payment, mortgage interest rate reductions, closing costs, and other house purchase expenses.

As of April 19, 2021, the following are the eligibility requirements for home buyers: – Should be a first-time home buyer – Should adhere to the income limitations for that specified area – Should buy a house to use as a primary residence, and not as an investment or a second home – Should use a government-backed mortgage – Should be a first-generation home buyer, or have parents/legal guardians who defaulted on a home loan, or lived in foster care during their  lifetime



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Things to Know About the Biden First Time Home Buyer Grant Program

The Down Payment Toward Equity Act of 2021 aims to assist renters in buying houses, establishing roots, and generating wealth while reducing racial disparities.

1. The Importance of This Grant for First Time Home Buyers

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