Congress just introduced a bill that could give first time buyers $5 for every $1 they save toward a down payment. Up to $50,000.
The Homeownership Promise Act would be distributed through HUD with no income cap. But there's a catch: you need HUD counseling, a Community Development Financial Institution account, and the home must be below your area's median price.
Here's the reality. Buyers are putting down more cash than ever, but with rates over 7 percent, that extra down payment only saves you about $39 a month. Monthly payments have jumped 74 percent in five years to $2,376. And with a Republican Congress, this bill faces serious headwinds.
The bigger issue? We're dangerously short on inventory across the Valley. Down payment help doesn't solve that.
Whether this passes or not, I'll show you what actually makes sense for your budget in today's market. The right strategy matters more than waiting on Washington.
DM me directly and I'll walk you through your best options right now.
