1 week ago

Proposed $50,000 Federal Match Could Aid First-Time Homebuyers

US homebuyers could get $50,000 down-payment aid: Who qualifies · livemint.com

A proposed bill could help some people buy their first home.

It would give the federal government five dollars for every dollar an eligible buyer saves.

The most the government could add would be $50,000.

For example, saving $10,000 could produce the maximum match.

Employers and nonprofit groups could also add money, but their contributions would not be matched.

Buyers would not face an income limit under the proposal.

They would have to buy a home priced at or below the median price in their area.

The plan is being considered because expensive homes and high mortgage rates have made buying a home harder.

Key facts

Maximum federal contribution: $50,000
Federal matching rate: $5 for every $1 saved by an eligible buyer
Savings needed for maximum match: $10,000
Income requirement: The proposal includes no income limit for receiving the federal match
Property restriction: The home must be priced at or below the median home price in the buyer’s local area
Eligible savings institutions: Participating financial institutions certified by the U.S. Treasury Department as Community Development Financial Institutions
Additional contributions: Employers and nonprofits could contribute, but their money would not qualify for the federal match

livemint.com · 1 week ago