My parents migrated to the US as refugees in their 20s after the Vietnam war. Although I am considered first generation, I am not a first generation home buyer because my parents were fortunate enough to own a home. Bummer that I don't qualify, but I'm glad that the government is attempting to provide aid to those who need it the most.
The people who need it most include those who are first time home buyers and not first gen, now we’ll have people with racked up student debt stuck at their parents houses if they don’t force them to move out, and then they’re stuck renting too. I don’t see it as fair.
this would apply to me. I'm a single 27 year old black female that works full time at the post office. I only make around 46,000. I check the area median income and I'm well below the percentage. Plus my parents never had the credit and never could afford to buy a house. My mom still rents and my dad passed away years ago.
Doesn't sound fair to those of us that are wanting a home :( just because our parents own their own homes. Some of us got kicked out at exactly 18 and this seems unfair to us. Just my opinion.
@@ruffprophetproductions I'm not denying or disapproving of what he said, I still understand it and support fighting the gap. That doesn't mean I can't have my own opinion whether someone agrees or not. Sadly, I won't qualify but it doesn't mean I'll toss a fit, just stating my own 2 cents, good sir.
@@ortegazs I understand, sadly, I'm one of those that don't qualify. I have no relationship with my parents, and have been on my own since. I still think it's a good option for those that are eligible. I rather this benefit others than noone at all!
Getting some comments about what's "fair"... I understand this program is not what you initially expected it to be. HOWEVER, this program's intent is to serve a historically underserved population. After decades of documented governmental discrimination and redlining, a program that attempts to make reparations for the homeownership wealth gap the government created sounds fair to me. The wealth building aspect of real estate largely comes from multi-generational homeownership (i.e. wealth from homeownership passed down through generations). Large groups of people have been forced out of multi-generational homeownership through widespread historical discriminatory lending. Reducing the homeownership wealth gap benefits everyone. Racist, elitist, and repulsive commenters will be banned.
It is fascinating how some are against leveling the playing field for fellow Americans with storied (used purposefully) discrimination acted upon them for generations. When in reality, adding wealth to more strata of America ‘s citizens makes the country stronger in the long run. This will be dope if successful.
The world isn't fair and the only way to have any sort of fundamental equality is to create imbalances in the opposite direction until we one day reach that equilibrium. But remember, no matter how unfair this policy may seem, if you don't qualify for it, you, generically speaking, have been on the plus side of the beam balance.
@@darrenwoodard1253 No matter their race, do you truly believe helping folks who do not have the minimum amount of funds to buy a home (they do not qualify) isn’t going to end up in a much greater chance of foreclosures? Do you remember 2008?
Taking some people's money by force and giving it to other's based on the attributes neither could control is never fair nor morally justified. give it whatever label you want. Such plots have always had consequences hurting everyone including those claiming to protect.
Solid breakdown! To be honest, it's probably better to limit who gets this grant. Otherwise, it would just inflate prices and make it easier for people to overbid.
You have to limit because greedy people will use it as a tool so I like the restrictions just should make it a little more specific because not everyone that has a home is balling out of control
What does it matter if there is no inventory? People aren't selling their homes as much and new home builders aren't building as fast because of the back log with lumber. This is so aggravating...
I know the comments are probably a sh*t show so I’m not gonna read them and get myself worked up but if this passes it would be a huge step in the right direction for this country and I don’t even qualify! Thank you for speaking about this potential program.
Just a gentle reminder to all you lovelies, as Kyle stated in a previous comment: “This is NOT a free house, its a grant. You still have to qualify for the home”!!! Everyone please take a deep breath! We know this can become an argument about ‘fairness’ however this is not about whats fair, rather what should have NEVER been an issue to begin with- Discrimination & Redlining in the Real Estate market. This is NOT a handout but an OPPORTUNITY. Preparation precedes an opportunity, therefore if one individual is not prepared ( ie financially, credit, etc..) they will not benefit from this amazing opportunity. Speaking in regards to the qualified population according to the grant. DO NOT BE DISCOURAGED!! If you cant qualify for whatever the reasons, YOU are on the right track! Keep saving, work on your credit, be patient and when the opportunity to own your home presents itself you will be ready regardless of this grant!! We all have different opinions and political affiliations, one thing remains true we can CHOOSE to agree to disagree and show love and respect to ALL humans in the process. 💕👍🏽
This is very discouraging to me as one who has been on track and struggling to buy a home for years. The market is so inflated right now there I no hope and with the interest rates low inventory low for the foreseeable future and now 25k to help keep those prices rising I am losing hope.
@@AlexsMom826 definitely a double edge sword but if your credit is right and you have like 20k saved up yourself then I mean I don't see why you'd be rejected and add this grant on top I'd use the grant for down payment and all expenses then have my 20k as a safety net
My parents haven't owned a home for most of my life. My dad owned one for like a year when I was 2 years old and never again since. I'm 23...I feel like that would be a little unfair if I didn't qualify just because of that, they've both (my mother and father) essentially have never owned homes
I 100% agree, it's literally excluding those who were most effected by redlining. Black people who owned homes and wanted to buy in certain areas were turned away, but now here's $2,500, but you can't use it if your mom/dad was subject to redlining, were they supposed to wait for something like this to come along? It's bs.
This is bullcrap!!! First generation homeowners...sound like being penalized for your 'hard work'!!! WHERE IS THE CONGRESSIONAL BLACK CAUCUS!! They should be screaming abut now!!!
This will only further inflate the housing market making it unaffordable for those that previously bought a house. It will cause even less inventory which will inflate prices. I bought a starter home to work on so I could get more money to buy a nicer home and now I'm being punished.
Keep a close eye on and ask for the rates on the loans these grants are paired with up front. I tried doing something similar and I wasted months of my time just to find out the interest rates were double, the max price of a house was 150k and I had to buy in specific neighborhoods. Wish someone would have told me that from the start. Ended up with a traditional loan instead after saving a little longer. Even if this does pass it will probably become yet another failed program that banks will use to screw over well-intentioned people.
Man this is still a problem even if you arent first gen home buyer. My dad only recently purchased a home but its now gone to his ex wife. Lol i reaped no benefit. I hope thats not as simple as that. Ill follow along and keep tabs.
This program is amazing. There are so many people in the comments saying this program is not a good idea because people will end up loosing their homes don’t understand the home buying process. You still have to get pre-qualified by a lender, which factors in credit, income and debt to income ratio. I have a good job and am considered middle class but I have no familial support system and never have had any financial support besides myself. I live in California, one if not the most expensive state to live, and I’m not willing to uproot myself from all I’ve ever known. The only thing that has kept me out of the homeownership market is the down payment. I’m well qualified in every other way and would be able to maintain a mortgage. In expensive states like mine a mortgage is often cheaper than market rent and gives people an opportunity to build equity. This program is exactly what Millennials like myself (and others) need to get past the greatest obstacle to achieving the American dream. I’m so excited!
Exactly! People whose parents own homes likely have money available to them to use for a downpayment. My partner and I are looking at buying in the next year and his parents offered us $30,000 to help with downpayment and closing costs. This program is for people who do not have that luxury
So I'm confused about the first generation thing. How will they know My? My mom and step dad never owned a home as far as I know but my father has but I never lived with him in this home...would that count? That just sounds so confusing. What if parents are no longer around and you have no clue if they owned or bought. I mean as kids you don't always know these things.
I can appreciate how this will help people who otherwise wouldn't be able to buy a home, but this is a terribly divisive proposal. If this passes, then every single conservative who's been yelling "the Democrats want to give away our money to illegal immigrants!" will have Exhibit A right here. This will disadvantage people like me - middle-class children of first-generation immigrant parents, parents who slaved away at multiple jobs to get their first home and *still* are stuck making mortgage payments - from getting homes of our own because the market is already in a crazy state of high demand and not as high supply. I imagine there's *plenty* of people like that. I'm all for helping the disenfranchised, but not if it means disenfranchising others in the process.
I understand where you're coming from. And this is a topic that could be discussed at length. However, one thing to consider: your parent's hard work and, more practically, the equity in their home will be passed on to a new generation (likely you). Many people are not in that situation. This program is exploring a longer time-horizon than just the next few years.
@@WinTheHouseYouLove but that not always the case. My mother had 100% equity in her home when she developed Parkinsons’s and after downsizing and then going into AL, we sold her house to cover this costs. Hopefully her money will last but may not and me and my siblings will inherit nothing. Not all lower middle class kids inherit the way the middle/upper middle class does. Nor are we given financial help when we reach adulthood- for me it was sink or swim and it’s been years of struggle and fighting for what I’ve earned to keep a roof over mine and my children’s heads.
@@michellem3879 But literally the financial literacy and understanding of even owning and refinancing a home is a privilege in this situation. There are new homebuyers who literally have no one in their life to rely on to even know howw to qualify for a home.
@@Me-im6py then maybe the answer is more education and less hand out/up. Just giving some people the grant is not going to really help them if they don’t understand what they’re getting into. And a 30 minute online homebuyer ed video done as a requirement to get the loan doesn’t cut it. Others who are taking the time to educate themselves and working to save, probably won’t even qualify if/when this is finally released. And btw, I didn’t have anyone to rely on either. My mother judged versus teaching. Maybe it would have been different if my father had lived, but it is what it is and I’ll continue to educate myself as much as possible with the understanding it’s all on me and seeking assistance, even for home buying, is always going to be a waste of my time.
After watching this. And seeing your video about conventional loans and how I qualify for it , this might be my year to buy a house ! Almost 2+ years with good credit. And I can afford rent with just myself and take care of my lady. But we’ll see when the time comes
Been listening to you for a while since me and the wife are getting our first home soon. This is honestly fantastic news. I wouldn’t quality for this buts that’s fine, it’s a step in the right direction towards change.
We don’t really need more people, but just saying in FL, $20,000 could put 10-20% down on some condos and houses that are actually livable. I was floored when I realized I didn’t qualify but, if I’m honest, I don’t need it. A program like this mixed with increased personal finance education would fix so much in this country.
I'll put in into the universe that a lot of 1st generation are qualified and take this blessing and make good with it.......some have to stop thinking small and others have to get out of their comfort box.....and start making positive movements for the future generation.....
Or...here is an idea, let this apply to anyone who has NEVER owned a home and make sure that there isn't any loopholes for investors. IDC what color, religion or ethnic background is, the first time home buying experience is collapsing.
@@kierramalone4968 Oh I understand the racial injustices of yesteryear. I know many white folks who don't come from wealth, who struggle financially, and they don't deserve to be excluded from such a program. Two wrongs don't make a right.
@@blankifyme I understand what you are saying but it takes baby steps to correct a broken system. Maybe a new program will be create or this program maybe expanded in the future to help more people inspire of race.
You help me purchase a home ...thank you we close in a few weeks I wonder of this program would still apply to us some way..maybe get the credit at the end of the year
Adriana Ramirez There’s plenty of alternative programs for first time home buyers so sure you would be disqualified from this one but there are plenty of other housing grants. Your local Realtor, housing authority, or even housing non-profit should be able to help you
It seems to me that parameters appear to be too complex for the government to manage in a way that actually works. For example, it seems like it would be difficult for the government to monitor who someone’s “parents” are. Are “parents” just biologically related or do “step” parents count, too? Does a biological parent count if they walked out with zero relationship and bought a house later (even if the “child” doesn’t know the parent, the government “knows” they are related from birth certificate and tax records, which also show the “parent” owning a home)? What about step-parents? The articles that I have read say “neither” parent, which implies two. Some people have four “parents” or even more if “parents” have multiple divorces and remarriages. So, if a person grew up in a house owned by their biological parent’s 3rd spouse (but not the bio parent), but then they got divorced and the “parent” now lives in a rental with 4th spouse, does that person qualify as “parents” never owning a home? Also, “first time home buyer” means not having owned a home in the last three years. Does a parents “never” owning a home mean just the last three years or never, ever, ever, ever in their whole lives? So a person who owned a home four years ago and sold it at a nice profit qualifies because their parents have always rented an apartment in a big city, but a person who grew up in a shack on land owned by their parents who kicked them out at 18 does not qualify because their “parents” still own that “home”... that system seems unnecessarily complicated and unworkable. The number of pages of rules and regulations for this program would need to be staggering!
That's a good question. My co-borrower is actually going to be my mom (she has never owned her own home). We take care of my disabled sister and we decided renting is just no longer an option, getting too costly as they are both on fixed income. I think her mom though owned her own home so that will probably disqualify us.
I read the housing wire article and it says "To qualify, neither of the borrower’s parents may have owned a home. That qualification doesn’t apply if the borrowers’ parents lost their home in a foreclosure or short sale, or if the borrower has ever been in foster care, however." Which disqualifies my mom and I. We're still saving and we'll get there but I'm happy for those who qualify.
Hi Kyle, I watched your videos on the BoA grant and Biden's new grant. I know the BoA grant requires you to live in the home for 1 year but do you know if Biden's grant will have a minimum requirement as well? I was also wondering if you had any info about someone being able to qualify and use both grants? The way I'm looking at is is; if Biden's grant passes and someone qualifies for it they could do something like this: Use Biden's grant to buy there first home then live in it for the required time (if any) but also qualify for the BoA grant. They could use it to buy another property live in this new place for a year while renting out the other property to family, friends, or a regular tenant. After that required year they would then decide which house to live in as a primary and use the other as a rental. With the information you have does this seem possible? Thanks in advance!! Also people please don't chew me out, I'm just trying to figure out the most effect way to use every possible resource at my disposal to build wealth for my family and future generations.
According to this you are not qualified. That's what I don't get either, Kyle said it seems fair but all I see is it limiting which poor people are eligible, which by definition is unfair.
It's very unfair I think to assume that homeowner parents give two s**** about providing their home to their next generation. And also assumes that they won't need that asset to provide for themselves and their older years. So much here is unfair it's really quite unbelievable this is actually being considered.
Honestly, the hard work of your parents to get into a house in no way shape or form should keep you from getting assistance on your first home. Think about how much divide that will leads to. The very least they should do is offer the $15,000 to people who’s parents have owned homes. It sounds like the made the original plan during happy hour. You’re effectively pricing out the middle class during a housing affordability crisis.
My parents never owned a home and I make over $150k a year and would not qualify under this program. The fact your parents did not own a home is not the only qualifying factor. My hard work disqualifies me.
One thing we have to remember that in this market a lot of sellers will frown on buyers who need to go through these programs as it can add time to closing. In a competitive market it’s easier to just go with a conventional or cash buyer not needing these programs as part of their closing,
This is very interesting!! I’m so curious to see how it’s going to play out... I feel like the first generation homebuyer requirement should be changed a bit... or maybe have different payment levels. For example if you meet all requirements you get the 25k, if you meet one, you qualify to get 10k. I feel like there’s a lot of families where just because their parents were able to own homes, doesn’t mean they themselves have the financial means to purchase a home. They could definitely benefit from some sort of tax credit. Even if it’s as low as 5k. But that’s just my opinion, I will totally respect and understand whatever is decided!
Sorry if you see any angry comments on here from me, I really appreciate all the info you provide. I just can't help but me annoyed with our government and how many stipulations they put on things. I'm a 27 year old graduate student wanting to buy my mother a really nice house while she's still living and programs like this that are supposed to make things easier are doing the exact opposite.
This would be an amazing opportunity for first-time home buyers, especially those who have been historically disenfranchised and unable to establish generational wealth. A smart plan that benefits people who need it, rather than a blanket policy for everyone that would keep our current status quo. This is what equitability looks like and I am very happy to see it being addressed so soon!
If home prices go up 25k how are they being helped? It's not the market for more buyer incentives with such low inventory and huge demand already. They should be incentivizing sellers and investors to sell.
@@captainviper3888 judging the plan by the current market does not take a long view at what this plan can do. The current market is affecting all buyers, but home prices should not go up by an additional 25k because a specific group of buyers can receive this grant.
This isn't just "giving to black ppl or illegal immigrants" as someone stated. It's all ppl there are many POC & none who's parents may have owned a home some time in the past. Doesn't mean they theyre getting the house. So this means they(children) wouldn't qualify ? That's ridiculous if they have been at any point also discriminated against. Either due to race, color, income levels etc....(we know there are many)then they should also qualify for something this big. This would help many who are/were in lower income brackets to own their 1st home. Yes they'd have to be able to cover costs & living expenses. But this would be a huge start to lesson the wealth gap for huge # of people. Jmo
I can't imagine this passing. Front loading the means testing would require an entirely new bureaucracy to be formed to determine eligibility. It would be years before it could be implemented, if it passed. How exactly would they prove your parents have owned a home or not? How even would the racial part be screened? Who determines if your self-identified race is legitimate? It's problematic in implementation - before the divisiveness of the content is even addressed.
Good points. Also a parent's home ownership is an awful metric for qualification. Like I've know lots of folks who are completely underwater or purchased a home they couldn't afford and ended up house-poor. I've also known plenty of kids whose parents are financially responsible but they are the opposite. What if your parents aren't even part of your life anymore? Not to mention this is probably just a scheme to get more people in debt or a house they can't sustain. I wanted to use one of these grants locally and got to the end of the qualification before realizing that you're locked into a loan with over DOUBLE the normal loan rate, just because of the grant! Sufficed to say I turned it down. My realtor said it was because these programs are designed to allow banks to take advantage of poor people just like credit cards have been doing for years. Not to mention the far reaching economic impact of thousands of people inflating home prices even more because they got a free down payment. I'm getting flashbacks to the 2008 crisis.
@@fusobotic good points I called a company that I knew had a grant program. They told me upfront that the grant would almost double my interest rate. It doesn't make sense but that is how it worked. Now trying to save for a down-payment before I start looking.
Home buyers receiving assistance under this act would be required to pay back all assistance they received if they stop occupying their home less than a year after purchase. The amount the home buyer would be required to pay back would decrease 20 percent for each year they live in the home, and there would be no penalty after five years. The penalty would be waived should the home buyer sell the home and realize a gain on the sale less than the amount they are required to repay.
@@mandddar3119 If a couple purchases together do the income limits double as well? Would be curious about that too or if that's total household income.
Is the area median income doubled for married couples? Hard to think that with the limit for my area that any couple would even be able to qualify for a home loan due to income.
This...my wife and I looking to buy a home and the only thing we might qualify for this the down payment “loan”, where they give you a 2nd mortgage loan. After looking at our budget for the future and past 2 years, I have no idea how anyone at AMI would be able to afford a home...Houses are selling for like $10-70K above asking price.
What good is the 25k when the buyer will pay 25k over asking anyways? The first time home buyers will be in better shape if home prices drop and we get an increase of inventory. Administration needs to slow investment property purchasing and incentivize home builders instead... Thoughts?
My mothers boyfriend gave her cash to buy a house and put in her name only. No one ever moved in and she sold the house per his request and gave him back all the cash. So now because she did him a favor by putting that house in her name I can’t qualify?
i totally get the idea of first generation ownership. that being said, i grew up poor, but one thing my parents instilled into me was good money management with what little you have. they were able to get their first house for under 20k (decades ago mind you), and we still lived lean. so, while i was being shown the proper ways to accomplish this, i still have to take a back seat to those who maybe grew up in households with poor money management skills, but will now get rewarded for it. statistically speaking, i suspect (if this goes through of course) that a good chunk of those who take advantage of this may shortly be forclosed on due to poor money management because that is all they've known. there will be exceptions to this, but the generational wealth we're trying to dismantle is coming from poor people who were able to buy their own, single, house as opposed to those who have multiple homes. i just don't think this targets, from an offensive standpoint, the right demographics.
@@WinTheHouseYouLove true ...yeah I have noticed its unclear. Hey, if u agree ...i am on the right track lol 💃 thanks dear ... I will hold my patience and see what I can do later ❤ . enjoy the day
This act - defines “socially disadvantaged individuals” as “those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities.” Also this act - Black, Hispanic, Asian American, Native American, or any combination thereof will be presumed to need more handouts instead of a level playing field. Apparently, the arbitrary use of race to make assumptions about how much help someone needs isn't racist...............
I’m all for this program (I meet a couple requirements myself) but given the current situation with the market, do you think this could lead to another bubble burst?
Of course it would. Putting buyers, no matter their protected class, into a 30 year loan they do not qualify for is asking for it. Only way this could be arguably worthwhile is that those who qualify (again based on race, etc) must meet income limits & have a 720+ FICO. This should not be to help someone who already has a history of not being financially responsible AND hasn’t saved enough cash to close. But, virtue-signaling is king!
@@VState60 yea I was thinking the same thing. Unfortunately it’s by design that a lot of people don’t know a lot about these complicated financial situations , but when we hear about “free money” we run blindly into the light without reading fine print. I think maybe they could limit the amount you get based upon your FICO on a sliding scale I.e 25k for 720+, 10k for 680+, and so on... who knows. Hopefully I can get my house before this passes though 😭
@@VState60 getting downpayment assistance doesn’t mean that they don’t qualify for the loan. For example, I have great credit, stable job and the paycheck to pay a mortgage. However, I’m waiting to buy a house until I save enough for furniture and maintenance, not only downpayment and closing costs. If I were to get this grant, it would just help with one of those things and I could use my saved money for the rest. Sometime it just speeds up the process so people don’t have to wait long until they’ve saved thousands of dollars.
Full details (what we know so far) of this program → th-cam.com/video/gV9r3Zi1eIQ/w-d-xo.html
Is there an update to this?
I am about to buy my first home. Your videos have educated me so much, you have no idea how thankful I am that I found your channel!!
Yay congratulations!!!
@@WinTheHouseYouLove can you walk me through it I need your help
My parents migrated to the US as refugees in their 20s after the Vietnam war. Although I am considered first generation, I am not a first generation home buyer because my parents were fortunate enough to own a home. Bummer that I don't qualify, but I'm glad that the government is attempting to provide aid to those who need it the most.
Thank you for sharing your perspective!
I hear you!!! Same here; not fair for us!
@@WinTheHouseYouLove so if my dad had a house but it got foreclosed is it still possible to qualify?
Same here. My parents had a home till 2005 and sold it due to their divorce. I’m the first in my family to own a home.
The people who need it most include those who are first time home buyers and not first gen, now we’ll have people with racked up student debt stuck at their parents houses if they don’t force them to move out, and then they’re stuck renting too. I don’t see it as fair.
this would apply to me. I'm a single 27 year old black female that works full time at the post office. I only make around 46,000. I check the area median income and I'm well below the percentage. Plus my parents never had the credit and never could afford to buy a house. My mom still rents and my dad passed away years ago.
Damn, that's tough. If this passes, I hope you're able to snag your first home 👍
You had me at Sesshomaru
Hope this passes. Seems like it could seriously help.
@@christopheraplin yeah
@@radiantkratos5562 lol inuyasha is my fav anime
Doesn't sound fair to those of us that are wanting a home :( just because our parents own their own homes. Some of us got kicked out at exactly 18 and this seems unfair to us. Just my opinion.
Thanks for the update though Kyle! Great videos as always!
Listen to what he said at 3:00 one more time
@@ruffprophetproductions I'm not denying or disapproving of what he said, I still understand it and support fighting the gap. That doesn't mean I can't have my own opinion whether someone agrees or not. Sadly, I won't qualify but it doesn't mean I'll toss a fit, just stating my own 2 cents, good sir.
Kyle said it seems fair but all I see is it limiting which poor people are eligible, which by definition is unfair.
@@ortegazs I understand, sadly, I'm one of those that don't qualify. I have no relationship with my parents, and have been on my own since. I still think it's a good option for those that are eligible. I rather this benefit others than noone at all!
just make sure you can actually maintain the home and be ahead of total bills and payments folks
Ever hear of airbnb. Or used youtube to learn basic skills? Good! Glad we had that talk...
For many folks, their mortgage and other expenses could cost less than what many are forced to pay as renters.
@@chris10858 Truth. All you have to do is make sure your dad never owned a house.
Over 60% of Americans don't even have 2 months worth savings. Stop gaslighting
Good reminder :)
Getting some comments about what's "fair"... I understand this program is not what you initially expected it to be. HOWEVER, this program's intent is to serve a historically underserved population. After decades of documented governmental discrimination and redlining, a program that attempts to make reparations for the homeownership wealth gap the government created sounds fair to me. The wealth building aspect of real estate largely comes from multi-generational homeownership (i.e. wealth from homeownership passed down through generations). Large groups of people have been forced out of multi-generational homeownership through widespread historical discriminatory lending. Reducing the homeownership wealth gap benefits everyone.
Racist, elitist, and repulsive commenters will be banned.
It is fascinating how some are against leveling the playing field for fellow Americans with storied (used purposefully) discrimination acted upon them for generations. When in reality, adding wealth to more strata of America ‘s citizens makes the country stronger in the long run.
This will be dope if successful.
The world isn't fair and the only way to have any sort of fundamental equality is to create imbalances in the opposite direction until we one day reach that equilibrium. But remember, no matter how unfair this policy may seem, if you don't qualify for it, you, generically speaking, have been on the plus side of the beam balance.
@@christopheraplin No, the best way to fix it is to teach your children that you are forever a victim of events they were not alive for.
@@darrenwoodard1253 No matter their race, do you truly believe helping folks who do not have the minimum amount of funds to buy a home (they do not qualify) isn’t going to end up in a much greater chance of foreclosures? Do you remember 2008?
Taking some people's money by force and giving it to other's based on the attributes neither could control is never fair nor morally justified. give it whatever label you want. Such plots have always had consequences hurting everyone including those claiming to protect.
Solid breakdown! To be honest, it's probably better to limit who gets this grant. Otherwise, it would just inflate prices and make it easier for people to overbid.
You have to limit because greedy people will use it as a tool so I like the restrictions just should make it a little more specific because not everyone that has a home is balling out of control
Thank you for sharing your perspective
What does it matter if there is no inventory? People aren't selling their homes as much and new home builders aren't building as fast because of the back log with lumber. This is so aggravating...
It's theater from the Democrats. They have no intention of helping anyone but themselves.
Exactly, grants don’t matter as much when supply is low and demand is high
My area theres a ton of houses lol
Thank you for sharing your perspective
There's plenty of houses in certain markets. Depends on where you're looking/willing to move to.
I know the comments are probably a sh*t show so I’m not gonna read them and get myself worked up but if this passes it would be a huge step in the right direction for this country and I don’t even qualify! Thank you for speaking about this potential program.
Right! I can be sad I don’t qualify and also be really excited for people who do because this could change the trajectory of a family for generations!
Haha they're interesting to say the least. Thanks for watching!
Just a gentle reminder to all you lovelies, as Kyle stated in a previous comment: “This is NOT a free house, its a grant. You still have to qualify for the home”!!!
Everyone please take a deep breath! We know this can become an argument about ‘fairness’ however this is not about whats fair, rather what should have NEVER been an issue to begin with- Discrimination & Redlining in the Real Estate market.
This is NOT a handout but an OPPORTUNITY. Preparation precedes an opportunity, therefore if one individual is not prepared ( ie financially, credit, etc..) they will not benefit from this amazing opportunity. Speaking in regards to the qualified population according to the grant.
DO NOT BE DISCOURAGED!! If you cant qualify for whatever the reasons, YOU are on the right track! Keep saving, work on your credit, be patient and when the opportunity to own your home presents itself you will be ready regardless of this grant!!
We all have different opinions and political affiliations, one thing remains true we can CHOOSE to agree to disagree and show love and respect to ALL humans in the process. 💕👍🏽
This is very discouraging to me as one who has been on track and struggling to buy a home for years. The market is so inflated right now there I no hope and with the interest rates low inventory low for the foreseeable future and now 25k to help keep those prices rising I am losing hope.
@@AlexsMom826 definitely a double edge sword but if your credit is right and you have like 20k saved up yourself then I mean I don't see why you'd be rejected and add this grant on top I'd use the grant for down payment and all expenses then have my 20k as a safety net
@@AlexsMom826 Main problem in this country is the wage gap not the fact that you can't get a home and they haven't fixed that so we'll see
Thank you Angelica :)
This is a real weird starting point for a Bill. It will be interesting to see how it pans out.
For sure
My parents haven't owned a home for most of my life. My dad owned one for like a year when I was 2 years old and never again since. I'm 23...I feel like that would be a little unfair if I didn't qualify just because of that, they've both (my mother and father) essentially have never owned homes
I totally agree. Even if your parents owned a home, it doesn't mean that would somehow translate into helping you to buy your home.
I 100% agree, it's literally excluding those who were most effected by redlining. Black people who owned homes and wanted to buy in certain areas were turned away, but now here's $2,500, but you can't use it if your mom/dad was subject to redlining, were they supposed to wait for something like this to come along? It's bs.
Thank you for sharing your perspective
I’m replying because I see another Daniel Mack here... cheers to you my compadre!
Agreed!
This is bullcrap!!! First generation homeowners...sound like being penalized for your 'hard work'!!! WHERE IS THE CONGRESSIONAL BLACK CAUCUS!! They should be screaming abut now!!!
Thank you for sharing your perspective.
Kyle’s out here doing the Lord’s work night and day! My regards to your wife! (Javi ofc)
I should go to bed... it's 2am right now in Ohio LOL
This cracked me up! 😂😂😂
I'm waiting patiently for those two to start an onlyfans page.
@@chris10858 If Javier sees this 😂😂😂😂😂
Kyle with the news! I searched and no one else has a video on this yet. Thank you!
Haha I'm super early to this!
You should check out Shaheedah Hill channel also
th-cam.com/video/e0OZ_JpM-3w/w-d-xo.html
We just received our official approval! 😍😍😍 I couldn’t be more relieved 😌
Amazing! I'm happy for you!
Thank you for keeping it simple and on point from Fontana Ca✌🏾
Same here 🙏🙏
@@jjordane13 🙏🙏
Thank you so much for watching!! :)
Been renting for 22 years and I still can't get it together. 😪
It's all just steps forward!
My parents never owned a home but my husband’s parents did. Would I be able to buy on my own?
Same here.
It's unclear at the moment
Wasn't expecting a late video from you but I'm here for it! 🙂
Hope you enjoyed it!
This will only further inflate the housing market making it unaffordable for those that previously bought a house. It will cause even less inventory which will inflate prices. I bought a starter home to work on so I could get more money to buy a nicer home and now I'm being punished.
Thank you for sharing your perspective
Kyle you have such a soothing voice! I love listening to your videos!
Thank you!
Keep a close eye on and ask for the rates on the loans these grants are paired with up front. I tried doing something similar and I wasted months of my time just to find out the interest rates were double, the max price of a house was 150k and I had to buy in specific neighborhoods. Wish someone would have told me that from the start. Ended up with a traditional loan instead after saving a little longer. Even if this does pass it will probably become yet another failed program that banks will use to screw over well-intentioned people.
Thank you for sharing your opinion
No doubt.
Man this is still a problem even if you arent first gen home buyer. My dad only recently purchased a home but its now gone to his ex wife. Lol i reaped no benefit. I hope thats not as simple as that. Ill follow along and keep tabs.
Never get married people change all the time no matter what they say and marriage is a joke anyway if we in love we in love
Thank you so much for watching!! :)
This program is amazing. There are so many people in the comments saying this program is not a good idea because people will end up loosing their homes don’t understand the home buying process. You still have to get pre-qualified by a lender, which factors in credit, income and debt to income ratio. I have a good job and am considered middle class but I have no familial support system and never have had any financial support besides myself. I live in California, one if not the most expensive state to live, and I’m not willing to uproot myself from all I’ve ever known. The only thing that has kept me out of the homeownership market is the down payment. I’m well qualified in every other way and would be able to maintain a mortgage. In expensive states like mine a mortgage is often cheaper than market rent and gives people an opportunity to build equity. This program is exactly what Millennials like myself (and others) need to get past the greatest obstacle to achieving the American dream. I’m so excited!
Exactly! People whose parents own homes likely have money available to them to use for a downpayment. My partner and I are looking at buying in the next year and his parents offered us $30,000 to help with downpayment and closing costs. This program is for people who do not have that luxury
Thank you for sharing your perspective :)
So I'm confused about the first generation thing. How will they know My? My mom and step dad never owned a home as far as I know but my father has but I never lived with him in this home...would that count? That just sounds so confusing. What if parents are no longer around and you have no clue if they owned or bought. I mean as kids you don't always know these things.
I am unsure
So as it stands now, if your parents own their home, but you have never owned a home, you don't qualify?
Based on the way it is currently, that's correct.
How do they prove your parents don't own a home? Do they do a genealogy background check and dna sample? Just curious 😜
@@MissPrissKY I have no clue haha
No but your kids do!
I can appreciate how this will help people who otherwise wouldn't be able to buy a home, but this is a terribly divisive proposal. If this passes, then every single conservative who's been yelling "the Democrats want to give away our money to illegal immigrants!" will have Exhibit A right here. This will disadvantage people like me - middle-class children of first-generation immigrant parents, parents who slaved away at multiple jobs to get their first home and *still* are stuck making mortgage payments - from getting homes of our own because the market is already in a crazy state of high demand and not as high supply. I imagine there's *plenty* of people like that. I'm all for helping the disenfranchised, but not if it means disenfranchising others in the process.
I understand where you're coming from. And this is a topic that could be discussed at length. However, one thing to consider: your parent's hard work and, more practically, the equity in their home will be passed on to a new generation (likely you). Many people are not in that situation. This program is exploring a longer time-horizon than just the next few years.
@@WinTheHouseYouLove Thanks for the reply! I forgot to take into account the passed-on equity and that's a huge thing for sure.
@@WinTheHouseYouLove but that not always the case. My mother had 100% equity in her home when she developed Parkinsons’s and after downsizing and then going into AL, we sold her house to cover this costs. Hopefully her money will last but may not and me and my siblings will inherit nothing. Not all lower middle class kids inherit the way the middle/upper middle class does. Nor are we given financial help when we reach adulthood- for me it was sink or swim and it’s been years of struggle and fighting for what I’ve earned to keep a roof over mine and my children’s heads.
@@michellem3879 But literally the financial literacy and understanding of even owning and refinancing a home is a privilege in this situation. There are new homebuyers who literally have no one in their life to rely on to even know howw to qualify for a home.
@@Me-im6py then maybe the answer is more education and less hand out/up. Just giving some people the grant is not going to really help them if they don’t understand what they’re getting into. And a 30 minute online homebuyer ed video done as a requirement to get the loan doesn’t cut it. Others who are taking the time to educate themselves and working to save, probably won’t even qualify if/when this is finally released. And btw, I didn’t have anyone to rely on either. My mother judged versus teaching. Maybe it would have been different if my father had lived, but it is what it is and I’ll continue to educate myself as much as possible with the understanding it’s all on me and seeking assistance, even for home buying, is always going to be a waste of my time.
I clicked on this so fast! Thanks for the update
Sure thing! Thank you so much for watching!! :)
When is the program comes? We are seeing the new house we need to know the exact time or date?
It's unknown, it's just a draft
Yes please keep us posted we are first time buyers. We are searching for a home right now. Let’s us please how this work.
Will do!
After watching this. And seeing your video about conventional loans and how I qualify for it , this might be my year to buy a house ! Almost 2+ years with good credit. And I can afford rent with just myself and take care of my lady. But we’ll see when the time comes
Great! Thank you so much for watching!! :)
Been listening to you for a while since me and the wife are getting our first home soon. This is honestly fantastic news.
I wouldn’t quality for this buts that’s fine, it’s a step in the right direction towards change.
Congrats on the soon to be new home!
When is this available? 😮
It's unclear
We don’t really need more people, but just saying in FL, $20,000 could put 10-20% down on some condos and houses that are actually livable.
I was floored when I realized I didn’t qualify but, if I’m honest, I don’t need it.
A program like this mixed with increased personal finance education would fix so much in this country.
Thank you so much for watching!! :)
Please keep us posted and news on this, we’re really interested
Will do!
Kyle you're number 1 in bringing this information out first. Thank you for all you do 😊
Glad to help
When will the bill be on the floor
Not sure
I'll put in into the universe that a lot of 1st generation are qualified and take this blessing and make good with it.......some have to stop thinking small and others have to get out of their comfort box.....and start making positive movements for the future generation.....
Thank you for sharing your perspective
This is really up my alley...let’s go! Let’s quickly vote on it.
Thank you so much for watching!! :)
Or...here is an idea, let this apply to anyone who has NEVER owned a home and make sure that there isn't any loopholes for investors. IDC what color, religion or ethnic background is, the first time home buying experience is collapsing.
Thank you for sharing your perspective
I agree that it should be about continuing to make the first time homebuying experience accessible to everyone, regardless of race.
If you understand the racial history behind the mortgage industry you may understand why race was included
@@kierramalone4968 Oh I understand the racial injustices of yesteryear. I know many white folks who don't come from wealth, who struggle financially, and they don't deserve to be excluded from such a program. Two wrongs don't make a right.
@@blankifyme I understand what you are saying but it takes baby steps to correct a broken system. Maybe a new program will be create or this program maybe expanded in the future to help more people inspire of race.
Also important to note that if you purchase in a high cost of living area the income limit increases to 180% of area median income
Thanks for the addition :)
So let me get this straight. If my mother our father has owned a home, that disqualifies me? Am I understand that correctly?
According to the draft, yes
When will the get voted on?
It's unclear
You help me purchase a home ...thank you we close in a few weeks I wonder of this program would still apply to us some way..maybe get the credit at the end of the year
Thanks! It's unclear if it will work that way
What is my wife parents never bought a home and we apply together ?
As long as you follow the requirements in the video
Do we as buyers apply for the grant or does our lender for us?
It's unclear at the moment
Well i am one of those lucky few so this would be very nice! Looking forward to hear updates thank you!
Awesome!!
@@WinTheHouseYouLove my dad is paying of his house he will finish paying his house in about 3-5 years , can I be disqualified because of him .
Adriana Ramirez There’s plenty of alternative programs for first time home buyers so sure you would be disqualified from this one but there are plenty of other housing grants. Your local Realtor, housing authority, or even housing non-profit should be able to help you
It seems to me that parameters appear to be too complex for the government to manage in a way that actually works.
For example, it seems like it would be difficult for the government to monitor who someone’s “parents” are. Are “parents” just biologically related or do “step” parents count, too? Does a biological parent count if they walked out with zero relationship and bought a house later (even if the “child” doesn’t know the parent, the government “knows” they are related from birth certificate and tax records, which also show the “parent” owning a home)? What about step-parents? The articles that I have read say “neither” parent, which implies two. Some people have four “parents” or even more if “parents” have multiple divorces and remarriages. So, if a person grew up in a house owned by their biological parent’s 3rd spouse (but not the bio parent), but then they got divorced and the “parent” now lives in a rental with 4th spouse, does that person qualify as “parents” never owning a home? Also, “first time home buyer” means not having owned a home in the last three years. Does a parents “never” owning a home mean just the last three years or never, ever, ever, ever in their whole lives? So a person who owned a home four years ago and sold it at a nice profit qualifies because their parents have always rented an apartment in a big city, but a person who grew up in a shack on land owned by their parents who kicked them out at 18 does not qualify because their “parents” still own that “home”... that system seems unnecessarily complicated and unworkable.
The number of pages of rules and regulations for this program would need to be staggering!
Thank you for sharing your perspective
"Neither parents" of both people on the loan or just 1 person on the loan?
That's a good question. My co-borrower is actually going to be my mom (she has never owned her own home). We take care of my disabled sister and we decided renting is just no longer an option, getting too costly as they are both on fixed income. I think her mom though owned her own home so that will probably disqualify us.
I read the housing wire article and it says "To qualify, neither of the borrower’s parents may have owned a home. That qualification doesn’t apply if the borrowers’ parents lost their home in a foreclosure or short sale, or if the borrower has ever been in foster care, however." Which disqualifies my mom and I. We're still saving and we'll get there but I'm happy for those who qualify.
I think it's only the people on the loan
Do we even know when will it passes?
Not at the moment
Do you happen to have a podcast?
Yep! You can search Win The House You Love on any platform
We are closing May 14th
Congrats!
Hi Kyle,
I watched your videos on the BoA grant and Biden's new grant. I know the BoA grant requires you to live in the home for 1 year but do you know if Biden's grant will have a minimum requirement as well? I was also wondering if you had any info about someone being able to qualify and use both grants? The way I'm looking at is is; if Biden's grant passes and someone qualifies for it they could do something like this: Use Biden's grant to buy there first home then live in it for the required time (if any) but also qualify for the BoA grant. They could use it to buy another property live in this new place for a year while renting out the other property to family, friends, or a regular tenant. After that required year they would then decide which house to live in as a primary and use the other as a rental. With the information you have does this seem possible? Thanks in advance!! Also people please don't chew me out, I'm just trying to figure out the most effect way to use every possible resource at my disposal to build wealth for my family and future generations.
Yep, look at the last page of the draft at the bottom
What if my mother sold her home in 99’ and never repurchased and rented until she died?
According to this you are not qualified. That's what I don't get either, Kyle said it seems fair but all I see is it limiting which poor people are eligible, which by definition is unfair.
It's very unfair I think to assume that homeowner parents give two s**** about providing their home to their next generation. And also assumes that they won't need that asset to provide for themselves and their older years. So much here is unfair it's really quite unbelievable this is actually being considered.
The draft says the parents can't have owned a home during the prospective buyer's life
Please keep us updated
Will do
Honestly, the hard work of your parents to get into a house in no way shape or form should keep you from getting assistance on your first home. Think about how much divide that will leads to. The very least they should do is offer the $15,000 to people who’s parents have owned homes. It sounds like the made the original plan during happy hour. You’re effectively pricing out the middle class during a housing affordability crisis.
Thank you for sharing your perspective
My parents never owned a home and I make over $150k a year and would not qualify under this program. The fact your parents did not own a home is not the only qualifying factor. My hard work disqualifies me.
So if I buy a house by the end of the month I miss out on this grant 🤦🏿♀️🤦🏿♀️
It hasn't passed yet
One thing we have to remember that in this market a lot of sellers will frown on buyers who need to go through these programs as it can add time to closing. In a competitive market it’s easier to just go with a conventional or cash buyer not needing these programs as part of their closing,
Thank you for sharing your perspective
This is very interesting!! I’m so curious to see how it’s going to play out... I feel like the first generation homebuyer requirement should be changed a bit... or maybe have different payment levels. For example if you meet all requirements you get the 25k, if you meet one, you qualify to get 10k. I feel like there’s a lot of families where just because their parents were able to own homes, doesn’t mean they themselves have the financial means to purchase a home. They could definitely benefit from some sort of tax credit. Even if it’s as low as 5k. But that’s just my opinion, I will totally respect and understand whatever is decided!
Thank you for sharing your perspective
Agree with you 1000%. I feel that one is kind of a wild card wait whoa where'd that come from type requirement.
Sorry if you see any angry comments on here from me, I really appreciate all the info you provide. I just can't help but me annoyed with our government and how many stipulations they put on things. I'm a 27 year old graduate student wanting to buy my mother a really nice house while she's still living and programs like this that are supposed to make things easier are doing the exact opposite.
Thank you for sharing your perspective
This would be an amazing opportunity for first-time home buyers, especially those who have been historically disenfranchised and unable to establish generational wealth. A smart plan that benefits people who need it, rather than a blanket policy for everyone that would keep our current status quo. This is what equitability looks like and I am very happy to see it being addressed so soon!
If home prices go up 25k how are they being helped? It's not the market for more buyer incentives with such low inventory and huge demand already. They should be incentivizing sellers and investors to sell.
@@captainviper3888 agreed
Thank you for sharing your perspective
@@captainviper3888 judging the plan by the current market does not take a long view at what this plan can do. The current market is affecting all buyers, but home prices should not go up by an additional 25k because a specific group of buyers can receive this grant.
Could a co-borrower take advantage of this?
Yes
@@WinTheHouseYouLove Thanks for the clarification?
If my parents purchased a mobile home will this disqualify me for the grant?
That detail is unclear at the moment
What happens for people who just close escrow
It's still a draft
This isn't just "giving to black ppl or illegal immigrants" as someone stated. It's all ppl there are many POC & none who's parents may have owned a home some time in the past. Doesn't mean they theyre getting the house. So this means they(children) wouldn't qualify ? That's ridiculous if they have been at any point also discriminated against. Either due to
race, color, income levels etc....(we know there are many)then they should also qualify for something this big. This would help many who are/were in lower income brackets to own their 1st home. Yes they'd have to be able to cover costs & living expenses. But this would be a huge start to lesson the wealth gap for huge # of people. Jmo
Thank you for sharing your perspective :)
If I get a USDA loan with 0% down, can i still qualify for this to help with closing? thanks
Yes
Thanks for the video. How do we apply?
It's a draft at the moment
What if you we just brought feb this year?
It's unclear if it will work retroactively
Omg I can't imagine home prices getting HIGHER in California 😭 I guess I need to buy asap before this passes
Cali is crazy!
Do you need a Realtor in CA? There’s plenty of grants here that you might qualify for simply being a first time home buyer in the SF Bay Area
Leave that awful place
@@DemonTime08 it'd be too hard to move away from all my family :/
@@mmeganzee3 cali is terrible man can't even live out there
My mom has a property. She was the first person in our family history. So I can't use the program?
According to the draft, that is correct
Thank you for your service...I appreciate the information...
Thank you so much for watching!! :)
I can't imagine this passing. Front loading the means testing would require an entirely new bureaucracy to be formed to determine eligibility. It would be years before it could be implemented, if it passed. How exactly would they prove your parents have owned a home or not? How even would the racial part be screened? Who determines if your self-identified race is legitimate? It's problematic in implementation - before the divisiveness of the content is even addressed.
Good points. Also a parent's home ownership is an awful metric for qualification. Like I've know lots of folks who are completely underwater or purchased a home they couldn't afford and ended up house-poor. I've also known plenty of kids whose parents are financially responsible but they are the opposite. What if your parents aren't even part of your life anymore? Not to mention this is probably just a scheme to get more people in debt or a house they can't sustain.
I wanted to use one of these grants locally and got to the end of the qualification before realizing that you're locked into a loan with over DOUBLE the normal loan rate, just because of the grant! Sufficed to say I turned it down. My realtor said it was because these programs are designed to allow banks to take advantage of poor people just like credit cards have been doing for years. Not to mention the far reaching economic impact of thousands of people inflating home prices even more because they got a free down payment. I'm getting flashbacks to the 2008 crisis.
Thank you for sharing your perspective
@@fusobotic good points I called a company that I knew had a grant program. They told me upfront that the grant would almost double my interest rate. It doesn't make sense but that is how it worked. Now trying to save for a down-payment before I start looking.
Thanks Kyle! Great one! Hope all is well..
Thanks!
That's not fair because what our parents bought or got don't have anything to do with us once we get grown and have our own lives.
Listen to the podcast I suggested. It may introduce you to a perspective you have not previously considered.
How will it work? Is that something that you gotta pay back at certain point?
No. Grant. Grants do not get paid back nor are they taxable.
Home buyers receiving assistance under this act would be
required to pay back all assistance they received if they stop
occupying their home less than a year after purchase. The amount
the home buyer would be required to pay back would decrease 20
percent for each year they live in the home, and there would be no
penalty after five years. The penalty would be waived should the
home buyer sell the home and realize a gain on the sale less than
the amount they are required to repay.
@@WinTheHouseYouLove thank you 🙏🏽
So if your parents own a home you’re not eligible ?
That's correct
Do you need to have money set aside in order to qualify as well?
If $25k covers all your costs, you likely won't
What about married couples who have one side where the partner parents never owned an the other partners parents have owned...
I think they only check who is purchasing
@@WinTheHouseYouLove this would be a couple purchasing together
@@mandddar3119 If a couple purchases together do the income limits double as well? Would be curious about that too or if that's total household income.
How are they going to check if your parents have ever purchased a house?
I'm not sure
Can we qualify if only I get the mortgage under my name and not both of us? Because my wife's parents own a house and not mine.
I think so
Is the area median income doubled for married couples? Hard to think that with the limit for my area that any couple would even be able to qualify for a home loan due to income.
This...my wife and I looking to buy a home and the only thing we might qualify for this the down payment “loan”, where they give you a 2nd mortgage loan.
After looking at our budget for the future and past 2 years, I have no idea how anyone at AMI would be able to afford a home...Houses are selling for like $10-70K above asking price.
I believe it only counts who is on the loan/purchase
What good is the 25k when the buyer will pay 25k over asking anyways?
The first time home buyers will be in better shape if home prices drop and we get an increase of inventory.
Administration needs to slow investment property purchasing and incentivize home builders instead...
Thoughts?
A solution for the inventory problem definitely needs to be explored
Thanks for the update!
Thank you so much for watching!! :)
Just found your channel, you are quite informative. What state are you in?
I'm in Ohio
My mothers boyfriend gave her cash to buy a house and put in her name only. No one ever moved in and she sold the house per his request and gave him back all the cash.
So now because she did him a favor by putting that house in her name I can’t qualify?
Take it up with your representative, not me
So what if your parents are still financing their home ?
They are homeowners
so its a bill? or has it passed already
It hasn't passed yet
i totally get the idea of first generation ownership. that being said, i grew up poor, but one thing my parents instilled into me was good money management with what little you have. they were able to get their first house for under 20k (decades ago mind you), and we still lived lean. so, while i was being shown the proper ways to accomplish this, i still have to take a back seat to those who maybe grew up in households with poor money management skills, but will now get rewarded for it. statistically speaking, i suspect (if this goes through of course) that a good chunk of those who take advantage of this may shortly be forclosed on due to poor money management because that is all they've known. there will be exceptions to this, but the generational wealth we're trying to dismantle is coming from poor people who were able to buy their own, single, house as opposed to those who have multiple homes. i just don't think this targets, from an offensive standpoint, the right demographics.
Thank you for sharing your perspective
Will i be eligie if ive bought 2 homes cash in the past but i never lived in or homesteaded them
You are not a first time buyer
120% in NYC is $115k so a lot of people should qualify
Great!
So because my parents own their homes.... My wife and I are NOT eligible? (at least based on what we know now?)
That’s correct
So if you purchase before it is passed you don’t get to get it after?
It's unclear at the moment
What does your credit score need to be?
The draft doesn't mention that
Closed a week ago. First home...is there anything for me? Do I get funds back when I file taxes next year? Or should I do a addendum or and add it?
It's unclear
@@WinTheHouseYouLove true ...yeah I have noticed its unclear. Hey, if u agree ...i am on the right track lol 💃 thanks dear ... I will hold my patience and see what I can do later ❤ . enjoy the day
The first gen requirement kicked me out. Smhhhh
Ah bummer
This act - defines “socially disadvantaged individuals” as “those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities.”
Also this act - Black, Hispanic, Asian American, Native American, or any combination thereof will be presumed to need more handouts instead of a level playing field.
Apparently, the arbitrary use of race to make assumptions about how much help someone needs isn't racist...............
Thank you for sharing your perspective
I’m all for this program (I meet a couple requirements myself) but given the current situation with the market, do you think this could lead to another bubble burst?
Of course it would. Putting buyers, no matter their protected class, into a 30 year loan they do not qualify for is asking for it.
Only way this could be arguably worthwhile is that those who qualify (again based on race, etc) must meet income limits & have a 720+ FICO. This should not be to help someone who already has a history of not being financially responsible AND hasn’t saved enough cash to close. But, virtue-signaling is king!
@@VState60 yea I was thinking the same thing. Unfortunately it’s by design that a lot of people don’t know a lot about these complicated financial situations , but when we hear about “free money” we run blindly into the light without reading fine print. I think maybe they could limit the amount you get based upon your FICO on a sliding scale I.e 25k for 720+, 10k for 680+, and so on... who knows. Hopefully I can get my house before this passes though 😭
@@VState60 getting downpayment assistance doesn’t mean that they don’t qualify for the loan. For example, I have great credit, stable job and the paycheck to pay a mortgage. However, I’m waiting to buy a house until I save enough for furniture and maintenance, not only downpayment and closing costs. If I were to get this grant, it would just help with one of those things and I could use my saved money for the rest. Sometime it just speeds up the process so people don’t have to wait long until they’ve saved thousands of dollars.
I don't think enough people would qualify as it currently stands to put that much pressure on the market. I could be wrong
What happens if you are a joint borrower on a refinance only and sold the house ? Are you still considered 1rst time buyer?
Technical definition of a first time buyer is someone who has not been on title to a home in the past 3 years.