Educator Down Payment Assistance: Grants for First-Time Homebuyers
This Act establishes a new federal grant program to help public school educators and staff purchase their first home. Eligible employees can receive up to $25,000 to cover down payments and closing costs. Recipients must commit to using the home as their primary residence and continuing their educational role for at least three years.
Key points
Financial assistance up to $25,000 (potentially more in high-cost areas) is available for down payments, closing costs, and mortgage rate reduction for eligible school staff.
Eligibility requires being a first-time homebuyer, working as a public school teacher, principal, or staff for at least three years, and meeting specific income limits.
Recipients must occupy the purchased home and remain employed in their educational role for a minimum of three years, or they must repay the full grant amount (exceptions apply for emergencies).
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