Originally introduced in 2021 as part of a budget proposal, the Downpayment Toward Equity Act bill (H.R. 4231) has moved one step closer to being approved this year since it is included in President Biden's proposed budget. If it is voted into law, HUD would oversee the program, which would be administered at the state level and by some community-based organizations. This Act will provide financial assistance to first-time buyers of up to $25,000 for down payments, closing costs, and buy-downs. There is a long way to go before this becomes a law since the House and Senate are having a hard time agreeing on much of anything but it is a bright spot in the dream of homeownership.
Homeowners' vs Renters' Net Worth