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This article was checked for accuracy as of September 22, 2024. Learn more about our commitments to accuracy and your mortgage education in our editorial guidelines.
Updated: September 22, 2024
This article tracks active first-time home buyer programs in Congress and their progress into law. None are yet passed into law. This article is for informative and planning purposes only.
The government aims to help you buy your first home.
Millions of first-time home buyers already receive interest rate discounts off today’s mortgage rates through the FHFA Mortgage Rate Discount Program. There are also six other first-time home buyer bills currently in Congress aimed at helping Americans stop renting and become homeowners sooner.
Each bill must follow a process before becoming law.
This article tracks the active first-time home buyer programs in Congress and their progress into law.
The FHFA First-Time Home Buyer Mortgage Rate Discount is an automatic interest rate reduction for eligible first-time buyers. The program is sponsored by Fannie Mae and Freddie Mac and can lower conventional mortgage rates by up to 1.75 percentage points.
Program eligibility standards include:
Eligible first-time home buyers automatically receive the FHFA mortgage rate discount. Share your income and credit information during mortgage pre-approval to determine your discount size.
Check your eligibility and begin your application now.
The First-Time Homebuyer Act of 2024, often referred to as the $15,000 First-Time Home Buyer Tax Credit, provides first-time buyers with a tax credit for down payments or closing costs, or it can be issued as a cash payment by the U.S. Treasury at settlement.
Program eligibility standards include:
The $15,000 First-Time Home Buyer Tax Credit was initially introduced in the previous Congress and renewed in March 2024. The bill is active in both the House and Senate but has not yet been voted on.
The $25,000 First-Time Home Buyer Downpayment Grant, also known as the Downpayment Toward Equity Act, provides first-time buyers up to $25,000 in cash grants. The funds can be used for down payments, interest rate reductions, closing costs, and other related expenses.
Program eligibility standards include:
The $25,000 Downpayment Toward Equity Act is currently active in both the House and Senate but has not yet been voted on. As of today, cash grants are not available.
The Decent, Affordable, Safe Housing for All Act (DASH Act) provides up to $15,000 in refundable tax credits to eligible first-time home buyers.
Program eligibility standards include:
The $10,000 First-Time Home Buyer Mortgage Relief Credit offers low- and middle-income households a $5,000 tax credit for the first two years of homeownership. The tax credit can also be applied in full at closing for down payment assistance.
Program eligibility standards include:
The $10,000 First-Time Home Buyer Mortgage Relief Credit is expected to help 3 million first-time home buyers.
The LIFT Act offers below-market mortgage rates to first-generation renters with modest incomes. This program reduces the mortgage term to 20 years, helping buyers build equity faster while keeping the same monthly payments.
Buyers can combine the LIFT Act with other first-time buyer programs, including the $15,000 First-Time Home Buyer Tax Credit and the $25,000 Downpayment Toward Equity Act.
Program eligibility standards include:
Don’t let Congress make you wait. The FHFA First-Time Home Buyer Mortgage Rate Discount is available now and can save you money.
Additionally, you can use low- and no-money-down mortgages and combine them with local first-time home buyer programs and grants.
Wave goodbye to waiting times and say hello to our faster, better mortgage application. It's available anytime you are, 24/7/365. The power to approve your mortgage is just a click away.
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