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Billy OBrien, REALTOR®, Calif.
Century 21 Award, Calif.
562-726-4183
DRE 01952648
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  • THE POWER OF THE BRAND
  • ABOUT US
    • ABOUT BILLY
    • CONTACT BILLY
    • CERTIFICATIONS
    • OUR COMPANY
    • OUR BLOG
  • SUCCESS STORIES
  • WHAT’S MY HOME WORTH?
  • BUY WITH CONFIDENCE
  • GET YOUR LOCAL MARKET DATA REPORT
  • SCHEDULE A BUYER OR SELLER CONSULTATION
  • SCHEDULE A HOME TOUR
  • HOMES FOR SALE
    • MORE ABOUT THE 18 HISTORIC DISTRICTS
    • LONG BEACH HISTORIC HOMES
    • ◊ BELMONT HEIGHTS ◊ EST 7 MAY 2002
    • ◊ BLUFF HEIGHTS ◊ EST 13 JULY 2004
    • ◊ BLUFF PARK ◊ EST 29 JULY 1982
    • ◊ BRENNER PLACE ◊ EST 1 JAN 1994
    • ◊ CALIFORNIA HEIGHTS ◊ EST 29 AUG 2000
    • ◊ CARROLL PARK ◊ EST 24 JULY 1990
    • ◊ CRAFTSMAN VILLAGE ◊ EST 27 OCT 1992
    • ◊ DRAKE PARK / WILLMORE CITY ◊ EST 28 APR 1998
    • ◊ ELIOT LANE ◊ EST 9 SEP 2003
    • ◊ ROSE PARK SOUTH ◊ EST 7 AUG 2001
    • ◊ SUNRISE BOULEVARD ◊ EST 20 DEC 1990
    • ◊ WILTON STREET ◊ EST 1 AUG 1995
    • ◊ WRIGLEY ◊ EST 12 DEC 1989
    • LONG BEACH HISTORIC DISTRICT VIDEOS
    • CLIFF MAY HOMES
    • LEISURE WORLD SEAL BEACH
    • POMONA, CALIFORNIA HISTORIC DISTRICTS
    • HISTORIC HOME TOURS & RESTORATION VIDEOS
    • ◊ LINDEN AVENUE ◊ EST 5 APRIL 1994
    • ◊ LOWENA DRIVE ◊ EST 11 FEB 1992
    • ◊ NEHYAM NEIGHBORHOOD ◊ EST ?15 OCT 2019?
    • ◊ MINERVA PARK PLACE ◊ EST 7 NOV 1989
    • ◊ ROSE PARK ◊ EST 9 SEP 1997
  • OLD HOMES RESOURCE GUIDE
    • ANTIQUE METAL REFINISHING
    • APPLIANCES
    • ARCHITECTS
    • ARTWORK
    • BLOGS
    • CLOCKS
    • CONSERVATORIES
    • COPPER WARE
    • ELECTRICAL
    • FABRICS AND TEXTILES
    • FIREPLACE TOOLS
    • FURNITURE
    • FURNITURE REFINISHING
    • GARAGE DOORS
    • GATES
    • GENERAL CONTRACTOR
    • GLASS
    • HARDWOOD FLOORING
    • HISTORIC HOME RESTORATION
    • HISTORIC PAINT COLORS
    • INTERIOR DESIGN
    • KITCHEN CABINETRY
    • LANDSCAPING
    • LOCKSMITH
    • NATIVE PLANTS
    • LIGHTING & HARDWARE-PERIOD & REPRODUCTION
    • SALVAGE
    • STYLE
    • TILE ◊ REPRODUCTION, VINTAGE, SALVAGE, COLLECTIONS, REPAIRS, HANDMADE, BRAND NAME
    • WALLPAPER
    • WINDOWS AND DOORS
    • WOODWORKING
    • PAINTER
    • PLASTER/STUCCO
    • PLUMBING
    • POTTERY
    • PRINTING
    • ROOFING
  • PREFFERED LENDER
    • LENDER PAPER WORK 101
    • Mortgage Calculator
  • LONG BEACH UNIFIED SCHOOL DISTRICT
    • SEARCH LONG BEACH UNIFIED SCHOOLS BY ZIP CODE OR HISTORIC DISTRICT
  • COMMUNITY WATCH STARTER KIT
  • LONG BEACH RESTAURANTS, PUBS & BARS
  • LONG BEACH TRAFIC SIGNAL BOX ART
  • CITY OF LONG BEACH HISTORIC LANDMARKS
  • LONG BEACH HISTORY | 1784 to 1988
    • IMPORTANT DATES IN THE HISTORY OF RANCHO LOS CERRITOS
    • VIDEOS ON LONG BEACH HISTORY
  • THE ARTS AND CRAFTS MOVEMENT AROUND THE WORLD
    • ARTS AND CRAFTS MOVEMENT DESIGN
    • ERNEST A BATCHELDER
  • GREENE&GREENE
    • ADELAIDE TICHENOR HOUSE
    • JENNIE A REEVE – TOWNSEND HOUSE
  • GUIDE TO RESIDENTIAL ARCHITECTURAL STYLES
  • TED WELLS
  • PRESERVATION
    • MOST HOMES HAVE A PAST …
    • LEVELS OF HISTORIC DESIGNATION
    • MILLS ACT
    • HISTORICAL SOCIETY OF LONG BEACH
  • LONG BEACH MEDIA
  • STAGING 1,2,3
  • Home
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New Details of First-Time Homebuyer Grant Emerge: Who Qualifies?

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Liz Domenguez,04/17/2021

The industry has been eagerly awaiting further details about President Joe Biden’s proposed first-time home buyer tax credit—which originally featured a max of $15,000 per buyer toward their down payment on a home.

The House Financial Services Committee recently released the latest draft of the proposal, called the “Down payment Toward Equity Act of 2021.” The first note of significance? The proposal comes in the form of a grant, rather than being structured as a tax break or refund.

Here’s what you need to know about the latest proposal:

Funding Source and Distribution Formula

There’s not currently an amount set in terms of funding. Congress will have to debate about the amount of funding they find acceptable for
fiscal years 2021 – 2030. However, assistance limits are currently up to $20,000 per home buyer (or up to $25,000 if the home buyer qualifies as “socially and economically disadvantaged individual”).

The Department of Housing and Urban Development (HUD) will be allocating the funds. Of the total funds provided each year, HUD is required to use at least 5% to support housing counseling activities. Funding will take into account each state’s population, median area home prices and racial disparities in homeownership. Any unused funds will be reallocated by HUD at the end of each year to states that show they are in need—but only if they meet the Treasury’s program goals.

How Can the Grant Can Be Used?

According to the proposal, funds must only be used to help home buyers purchase a home. Assistance can go toward a down payment or the closing costs, or to reduce the interest rate on a mortgage.

Funds can be used with the following mortgages:

  • One that is eligible for purchase by Fannie Mae or Freddie Mac
  • One insured by the FHA or USDA
  • One that meets the definition of a qualified mortgage

Who Is Eligible?

While the grant is for first-time home buyers, those who have not owned a home in three years may be eligible. Even home buyers receiving assistance from federal, state, local, private or nonprofit sources may still be able to receive a grant. Grantees must meet income requirements and qualify as “first-generation” home buyers. This means they are individuals whose parents have:

  • Never owned their own home during the home buyer’s lifetime.
  • Previously owned a home during the home buyer’s lifetime but lost the home to foreclosure, short sale or deed-in-lieu, and no longer own a home.

Home buyers who lived in foster care may also qualify as a first-generation home buyer.

Additional Rules

In order to receive the grant, home buyers must complete a home purchase counseling program through a HUD-approved agency. States may be able to waive this condition for home buyers who meet specific HUD-approved underwriting criteria. Home buyers who stop occupying their home less than a year after they purchased will need to repay the entire grant. This amount decreases by 20% for each year they live in the home, with no penalty occurring after five years. The penalty would also be waived for home sellers who realize a gain on their sale that is less than the amount they owe.

This draft is simply a kicking-off point to begin discussions. To pass the grant program into law, a bill will have to make its way through both houses of Congress, which could mean further revisions.

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