Unlocking $25,000 Down Payment Assistance | Equity Act 2021 Explained | Mortgage Minute

Discover how the Equity Act of 2021 could revolutionize home buying with $25,000 in down payment assistance (if it ever becomes law). Join Ryan Skaggs on Mortgage Minute as he breaks down the details of what could be game-changing legislation. Learn who qualifies, where the bill stands in the legislative process, and how you can access these funds for your dream home. Don't miss out on this opportunity to secure affordable housing—watch now and subscribe for more valuable insights into mortgages, real estate, and interest rates!

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Contact: Ryan
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🏆NMLS 425763 | Neighborhood Loans, Inc. NMLS 222982

📊 Disclaimer: Subject to credit approval, not all borrowers may qualify. Rates and terms are for illustrative purposes only; your actual rates and terms may be different. Please contact Neighborhood Loans for current rates and programs. Neighborhood Loans is an FHA approved lender, not endorsed by or affiliated with any government institution. Not to be considered tax or financial advice. Please consult a tax or investment professional.

[kat_of_all_trades]

Thank you for your explanation of this drafted piece of legislation. I think this proposed legislation if brought into law is one, discriminatory, and two, not going to solve the unaffordability problem. First of all, as someone who feels completely screwed in this current housing market as a first time home buyer in California, this program appears to only be accessible to people whose parents have never owned a home. Why would I want my tax dollars to go to a marginalized group of people if I'm also facing the same issue? I am a first-time homebuyer, but don't come from a rich family, however my parents and grandparents have all owned homes...but that's not my fault. I don't understand the rationale for "who would qualify." Secondly, while it is hard to save money for a down payment (especially with this rampant inflation), $20, 000 does not really make a dent in the overall cost of a house purchase price. For example, the average price of a house in my area is over $500k. That means I need $100k for a 20% down payment. I would be happy to have a 10% down payment saved by end of 2024. 🤞 The only thing that would make it reasonably affordable for people in my same boat would be for either the prices of houses to come back down to pre-pandemic levels, or interest rates to become low enough for us to afford a higher mortgage amount.

This market is not going to be able to sustain itself forever, but it's definitely the biggest pain point for my millennial generation (for those of us who have missed the chance to buy when prices were within reach). Keeping tabs on current events to make sure I'm informed. 😊

[WorryDontAbout]

Bro, why do this video if this hasn’t happened? SMH 🤦‍♂️