Biden Administration Announces New Programs to Assist First-Time and Low-Wealth Homebuyers

The Biden administration unveiled the Neighborhood Homes Tax Credit to help first-time and low-wealth homebuyers with down payment assistance.

Policy changes could make it easier for some buyers to qualify for mortgages, by factoring in rental and student loan payment history.

Allowing rental income from accessory dwelling units to count towards mortgage qualification could help more first-time buyers.

Updating the 203(k) program may provide more flexibility for buyers to finance repairs before or after purchase.

Pilot programs aim to expand eligibility for USDA direct loans and community land trusts, increasing affordable options.