These grants can be from federal, state or local governments, as well as charitable and housing foundations. These programs are intended to provide down payment assistance or closing costs to eligible home buyers who may otherwise be unable to afford their home purchase without them.

The First Home Buyers Grant – WA

In 2000, the Commonwealth Government and State Governments introduced a first home buyers grant of $7,000 in the form of a cash grant to help offset the impact of the introduction of the GST. It is not means or income tested and does not discriminate between new and existing homes.

The $25,000 Down Payment Act of 2021 – Not Yet Made Law

The $25,000 Down Payment Toward Equity Act, introduced by President Biden in the summer of 2021, is a proposed bill that would help first-generation first-time homebuyers get up to a $25,000 grant. This grant could help a lot of people buy their first home buyers.

This grant would pay for down payments, closing costs and interest rate reductions on mortgages. It may not be used for second homes or rental properties and it would not be available to any buyer in the household who did not qualify under the program's eligibility requirements.

Other Buying Assistance Legislation

There is another bill in the works that would also help first-generation first-time homebuyers. This is called the Down Payment Toward Equity Act of 2021, which could be passed into law as early as this month and offer first-generation homebuyers up to a $25,000 grant for down payments, closing costs and mortgage interest rates.

It is not yet law, but the bill does have support from Congress. It has received a lot of attention from both the White House and President Biden, and if it becomes law, it could be a game-changer for many first-generation homebuyers who have been struggling to buy their own homes.

In addition to the Down Payment Toward Equity Act, President Biden has urged congressional members to pass legislation to make it easier for people to buy homes in racial and ethnic neighborhoods. If it becomes law, it could help more than half a million Americans who have been denied the opportunity to buy their first homes due to racial or ethnic segregation.

Historically, mortgage lenders have had a hand in reinforcing racial divisions and preventing non-white borrowers from purchasing homes. This is because banks and other lenders typically charge higher interest rates in minority neighborhoods and they tend to impose additional restrictions on mortgage applicants who are not white.

To help combat these issues, Bank of America has created a mortgage lending program for first-time homebuyers that can help lower the cost of a loan by reducing interest rates and other fees. In addition to the mortgage program, Bank of America offers first-time homebuyers a free homebuyer education course and access to real estate agents in their neighborhood.