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The Biden $25,000 and $15,000 First-Time Home Buyer Programs [January 2022 Update] - YouTube
Channel: Homebuyer
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it's the first week of 2022 and this is
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the latest news on the biden first-time
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homebuyer programs
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it's january 5th 2022 and this
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is an update video
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we'll touch on all five federal
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first-time homebuyer programs and where
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they stand in the process
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but we won't be going into fine details
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about these programs we've done that and
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if you want to learn more about them
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links to those videos and articles are
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down in the video description
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okay
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we can't talk about where these
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first-time homebuyer programs stand
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until we know about the process they
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need to go through
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thankfully when you look at any of these
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programs on congress's website they
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include a handy tracker that outlines
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all the steps a bill goes through on its
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way to becoming a law
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first
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the bill needs to be introduced then
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it needs to be voted on and passed by
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the house and by the senate
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once it passes both votes it makes its
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way to the president to be signed and
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become a law
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once the bill becomes law the program
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proposed in the bill can become
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available to you
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we'll use this to show where each of
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these bills stand as of today
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a quick note before we go any further
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it's important to know that bills don't
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have to become law
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we want to see these bills pass all the
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votes become law and start helping
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first-time home buyers just as much as
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you do
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but while it's possible that all of them
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pass it's also possible that none of
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them pass
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your guess is as good as ours
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again january 5th 2022. these things can
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change rapidly so if you're watching
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this in the future and something has
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changed
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go easy on us in the comments alright
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let's get into it five amazing programs
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to update you on in my best news
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reporter voice
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the down payment toward equity act of
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2021 proposes a down payment grant of up
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to 25 000 for first-time first
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generation home buyers
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if you're buying your first home and
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your parents or legal guardians haven't
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owned a home before you could qualify
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these grant funds would be given at
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closing and applied directly to your
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home purchase for down payment closing
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costs or any other expenses included in
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the transaction
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this bill was introduced to congress on
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april 14 2021 and the current status is
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introduced
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the latest action taken was on july 16
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2021 when it was referred to the house
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committee on financial services
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the down payment toward equity act of
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2021 has now been waiting on a house
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vote for 266 days
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the first time homebuyer act of 2021
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proposes a federal tax credit of up to
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fifteen thousand dollars for first-time
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homebuyers
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if you haven't owned a home in the three
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years leading up to your purchase you
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could qualify
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this tax credit is fully refundable and
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you'd receive it when you file your
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federal income taxes
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this bill was introduced to congress on
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april 28 2021 and its current status is
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introduced
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the latest action taken was on april 28
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2021 when it was referred to the house
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committee on ways and means
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the first time homebuyer act of 2021 has
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been waiting on a house vote
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for 252 days
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yeah
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of course yes of course coffee later oh
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we're
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oh
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we're lying we're live
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the uplifting first-time homebuyers act
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of 2021 would raise the amount you can
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early withdrawal from a tax-exempt
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retirement account like a 401k without
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paying a penalty
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you can currently take out ten thousand
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dollars penalty free to buy your first
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home this program would raise that
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amount to twenty thousand dollars
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this bill was introduced to congress on
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june 24th 2021 and its current status is
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introduced
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the latest action taken was on june 24th
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2021 when it was referred to the house
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committee on ways and means
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the uplifting first-time homebuyers act
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of 2021 has been waiting on a house vote
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for
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195 days
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the housing is infrastructure act of
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2021 includes another version
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of the 25 000 grant for first-time
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first-generation home buyers
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it's very similar to the down payment
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toward equity act of 2021 but this one
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qualifies you as a first generation home
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buyer if your parents or legal guardians
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don't currently own a home which would
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help more buyers qualify for the grant
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funds
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this bill was introduced to congress on
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july 16 2021 and its current status is
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introduced
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the latest action
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taken
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was on july 22 2021
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when the bill's sponsor made
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introductory remarks on the measure is
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that right
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the housing is infrastructure act of
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2021 has been waiting on a house vote
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for
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173 days
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the dash act includes
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a ton of stuff that doesn't affect
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first-time buyers at all which is
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probably why you don't hear much about
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it
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but at the end of the bill they slipped
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in another version of the 15 000 tax
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credit for first-time buyers it's very
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similar to the first-time homebuyer act
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of 2021 with slightly different income
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limits
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the bill was introduced to the senate
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that's different it's good right the
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other ones went to the house this one
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went straight to the senate it's good
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and its current status is
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introduced
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the latest action taken
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was on september 23rd
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2021
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when it was
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come on this has to be made up
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you're going to make me read that
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when it was
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read twice and referred to the committee
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on finance
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the dash act has been waiting on a
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senate vote for 104
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days
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have you noticed a trend here
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five great programs all still waiting on
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a vote actually
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all still waiting on a vote that there's
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no timetable for it's just
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a waiting game and while it's a waiting
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game that could be well worth it
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possibly up to forty thousand dollars
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for some buyers
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it's also a waiting game that a lot of
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people are sick of playing
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and i can't blame you
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if you're ready to buy your first home
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it could be frustrating to wait on these
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programs to pass for almost a year
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while you also watch home prices
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continue to increase as you're waiting
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now
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as we always preach the choice is yours
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you are in control and no one knows your
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situation better than you do
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if you have the time or you're just
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sticking to your plan to see these
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programs through that's great
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we'll keep you updated with all the news
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and we can't wait to help you with your
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mortgage if your preferred program
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becomes law but if you're one of the
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many who are tired of waiting to become
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a homeowner
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we have a solution for you
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here at homebuyer.com we have down
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payment assistance options that will
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help you buy your first home with no
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down payment and in many cases with zero
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dollars out of pocket
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and the best part
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is that there's no waiting
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our down payment assistance is available
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right now and it only takes three
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minutes to get started
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take your first big step towards
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homeownership with a quick simple and
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free pre-approval at homebuyer.com fast
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or click the get pre-approved link in
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the video description you got this
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if you found value here please like this
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video and subscribe to our channel down
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below and if you have any questions let
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us know in the comments we do read them
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all and i reply to them personally
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i'm mike for homebuyer.com the lender
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made for first-time buyers
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happy home buying
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