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New bill could offer financial help to first-time homebuyers

The Downpayment Toward Equity Act of 2021 would offer up to $25,000 to those who qualify, if passed.

The measure is centered around the hope of providing funds to people who otherwise would not be able to open the doors to a new home. 

"So, there is a down payment assistance for up to $25,000. And then there's also a tax credit for either 10 percent of the purchase price or $15,000," said Kerra Garcia with Supreme Lending.

She said the proposed bill would provide funds to help level the playing field, but there will be qualifications.

The current listed required elements include but are not limited to:

  • Must be first-time homebuyer, meaning someone who has not owned a home in the last 3 years
  • Must meet a maximum income limit depending on the median income for a particular city/county
  • Must be a first-generation homebuyer, meaning your parents or guardians never owned a home before.

Other qualifications currently being proposed can be found here.

Although the bill could impact the already high-demand housing market, it's still targeting an important issue, said Garcia. "This will be another option to help people get into the home that they deserve, and they probably worked very hard for but just didn't have that advantage of, you know, compared to other people."

The proposal still needs review and approval from the House, the Senate and the President.

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