Biden's $25,000 First Time Home Buyer Program Explained!

The Biden administration has proposed a $25,000 First Time Home Buyer Program in the form of a grant to help eligible buyers achieve homeownership. In today's video, Nicole walks through The Down Payment Toward Equity Act of 2021 including who qualifies for the $25,000 down payment assistance and how to apply. If put into place, President Biden's grant could make homeownership a reality for many historically underserved populations.

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Hi, I’m Nicole Nark, a full-time Realtor® at HomeWay Realty in Little Rock. I came to Little Rock with the love of my life, I am a proud Mom of two furbabies (Mini Schnauzer Mix and German Shepard), a Graduate of Communications from the University of Arkansas-Fayetteville and Honor Graduate of Arkansas Real Estate School in Little Rock.

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100k down-payment assistance, here are the qualifying factors.

1. Must have been born in a airplane flying at least 2000 feet above the ground at time of birth.
2. Must have been born in a leap year.
3. Has no income or held a job in 5 years.
4. Parents never owned a car.

[shabalahyisrael]

Great gesture...You still need a well paying job to be able to pay the mortgage and bills. Given money is not always the answer. Start with making life affordable. Then restructure the pay scale. Then let people buy their own things and everyone is happy. Down payment is the hardest part of buying a home for most Americans but maintaining the cost of having a home is another animal.... This whole system needs to be dismantled and rebuilt.

[sevensohigh]

We need to keep the super rich away from the housing market. A basic home to live in is something everyone should have

[earthangel]

Why is it based on parents finances? That is so stupid. My mom inherited a home from my grandpa! I’m a single mom and this would have helped me so much. Smh

[kianaachtenberg]

The first generation home buyer thing frustrates me. Just because my parents own a house doesn't mean they have given me a single penny to get into a house.

[JimmyG]

It's January 2023 now, had this passed? If so where do my wife and I start the process? Thanks Nicole! Great info!!!

[andrew]

This won't increase the supply of housing, just the demand. Starter homes will jump in price.

[adntigger]

The housing market is already flooded with many buyers and no sellers and resulting in bidding wars and WAY overpriced markets. This is just going to make the prices go up even more because people are greedy. Hopefully it'll be helpful in some areas of the country for the buyers. In the northeast and other parts of the country, people are literally looking at obituaries to try to buy homes before they even hit the market. It's completely absurd.

[louismat]

It will probably pass but less than 1% will qualify. Sort of like the student loan forgiveness program

[ahayahlove]

YEAH NOW THAT A $80, 000 HOUSE COST A MILLION DOLLARS WHIPEE!

[Williaem]

They need to give grants to married couples in their 20's and 30's who work full time. Start helping out people who want to settle down and raise a family the right way.

[keenabee]

So messed up. Being someone who is almost 40 and has never owned a home because of cost- I don’t qualify because my parents pay on their own mortgage?! What do they have to do with anything? It would be a good proposal if they took that clause out of there.

[UnknownChannel]

This sucks, Obama did a more realistic first time home buyer program. First generation home buyer? How does that help first time home buyers LMAO! Who cares about my parents?? I will never be able to own a home. My parents of course can own a home because they live in the middle of no where. And they own a manufactured home. It's like the same crap of getting a student loan. If your parents have a job they can't give you grants. I have to do everything myself, my family isn't going to help. Its BS!

[shanannahgins]

There is a lot for people to disagree about, however, you did an amazing job explaining this. Thank you.

[jameso.]

It is being said by many, " to qualify for the $25, 000 first-time homebuyer, YOU must meet the following..." does this "YOU" apply to at least ONE new home purchase applicant, OR does it apply to "ALL" applicants on the home contract?

It would be very difficult for many first-time homebuyer "couples" to meet ALL the proposed $20, 000/$25, 000 grant criteria. I don't know of too many first-time homebuyers who are buying a home SOLO. So if the grant requires that BOTH household buyers meet ALL requirements, this grant will be nearly unobtainable.

[dennisbryan]

I was gonna pull 15k out of my 401 and it still wasn't enough to get me in a house and I think it is bs so many people are forced to pay rent every month with no option to buy

[Marizol]

Why do we have to be a first time generation home buyers ... WTF what’s my mom or mother in law got to do with me and my family’ buying a HOUSE ... smh 🤦🏻‍♀️

[oashleyo]

Not fair ... what does my parents got to do with me 🤣 they ain’t giving me a house

[Eric-nhyb]

Just more increase in inflation. Housing prices are already overpriced by over 100 thousand or so.

[__culturtingz]

I know so many people who would really benefit from this bill! Thank you so much for sharing