@whatsamortgage_: 🏠 What if saving $10,000 could potentially turn into $60,000 toward buying your first home? A new federal proposal called the Homeownership Promise Act would create a new savings program designed to help qualifying first-time homebuyers build their down payment. Here’s the big idea: 💰 You save $1 🇺🇸 The federal government could match it with $5 💵 Federal matching funds could reach $50,000 That means $10,000 in eligible savings could potentially be combined with a $50,000 federal match for $60,000 toward purchasing a home, subject to the program’s requirements. Some of the proposed requirements include: 🏡 Must be a qualifying first-time homebuyer 🏡 Home must be your primary residence 🏡 Purchase price must meet the program’s limits 🏡 HUD-approved housing counseling would be required 🏡 Funds would have to be used for eligible home-purchase expenses ⚠️ IMPORTANT: This is a proposed federal bill — NOT an available homebuyer program today. It still has to make its way through Congress and become law before anyone can apply. But this is exactly why I follow housing legislation closely. A proposal like this could make a major difference for people who can afford a mortgage but are struggling to save enough cash to get into a home. Follow What’s A Mortgage and I’ll keep you updated as this bill moves through Congress. #WhatsAMortgage #FirstTimeHomeBuyer #DownPaymentAssistance

Minh Nguyen | Mortgage Broker

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Wednesday 30 September 2026 16:01:57 GMT