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Yo_Mama_Been_Loggin

(116,373 posts) Sat Oct 5, 2024, 07:02 PM Oct 5

Harris new homebuyer plan doesn't exclude siblings, children of homeowners Fact check

The claim: Kamala Harris’ down payment assistance plan excludes relatives of homebuyers

A Sept. 27 Facebook post (direct link, archive link) makes a claim about the details of one of Vice President Kamala Harris’s economic proposals.

“The fine print on Harris’s 25K for first time home buyers; if your mother, father, brother, sister has ever owned a home you are NOT eligible,” reads text in the post's image, a screenshot of a TikTok post. “Pretty much a program exclusively for illegals, and YOU’RE going to pay for it.”

It was shared more than 13,000 times in six days. Similar posts were shared thousands of additional times.

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Our rating: False

Harris’s campaign has said her proposal would provide up to $25,000 in down payment assistance to first-time homebuyers who paid their rent on time for two years. There is no evidence the program would be limited to people whose parents and siblings haven’t owned a home.

https://www.yahoo.com/news/harris-homebuyer-plan-doesnt-exclude-160612997.html

4 replies

= new reply since forum marked as read

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Harris new homebuyer plan doesn't exclude siblings, children of homeowners Fact check (Original Post) Yo_Mama_Been_Loggin Oct 5 OP

I don't know about the brother and sister forthemiddle Oct 5 #1

Wonder what kind of proof one would need to prove neither parent never owned a home? MichMan Oct 5 #2

This program exists only as an unpassed bill in congress soandso Oct 5 #3

Looks like to qualify, you need to just have not owned a home in the preceding 3 years. MichMan Oct 5 #4

forthemiddle

(1,436 posts)

1. I don't know about the brother and sister

Reply to Yo_Mama_Been_Loggin (Original post)

Sat Oct 5, 2024, 08:10 PM

Oct 5

But as for the parents, the proposal is $25,000 for first generation homes buyers, and $10,000 for other first time home buyers. So it isn’t really false.
https://abcnews.go.com/Politics/harris-propose-25k-payment-support-1st-time-homeowners/story?id=112877568
"The Biden-Harris administration proposed providing $25,000 in downpayment assistance for 400,000 first-generation home buyers -- or homebuyers whose parents don’t own a home -- and a $10,000 tax credit for first-time home buyers. This plan will significantly simplify and expand the reach of down-payment assistance, allowing over 1 million first time-buyers per year – including first-generation home buyers – to get the funds they need to buy a house when they are ready to buy it," the Harris campaign said.

MichMan

(13,517 posts)

2. Wonder what kind of proof one would need to prove neither parent never owned a home?

Reply to forthemiddle (Reply #1)

Sat Oct 5, 2024, 08:37 PM

Oct 5

Last edited Sun Oct 6, 2024, 12:08 AM - Edit history (1)

I would hold off buying any home now. Better off waiting until the plan got passed by congress and was signed into law.

soandso

(1,631 posts)

3. This program exists only as an unpassed bill in congress

Reply to Yo_Mama_Been_Loggin (Original post)

Sat Oct 5, 2024, 10:08 PM

Oct 5

What is know about it (I didn't read the bill) is laid out here:

https://themortgagereports.com/105638/25000-down-payment-grant-bill-available#overview

I don't see this flying. As currently proposed, it allows someone to by a multi-family property, as long as they live in one of the units. There are lots of people who earn less than these guidelines and already own homes and struggle to afford and maintain them.

MichMan

(13,517 posts)

4. Looks like to qualify, you need to just have not owned a home in the preceding 3 years.

Reply to Yo_Mama_Been_Loggin (Original post)

Sat Oct 5, 2024, 11:22 PM

Oct 5

If I read this right, you could sell your home, rent somewhere else for 3 years and then qualify for the program.

Not sure if buying on a Land Contract counts as a mortgage loan

First-time homebuyer
Grant funds are meant for first-time buyers who are purchasing primary residences. To qualify as a first-time homebuyer, you must not have owned or co-signed on a mortgage loan in the past three years.

First-generation homebuyer
These grant funds are also reserved for first-generation buyers. You can qualify for this program if your parents, legal guardians, spouse, or domestic partner have not owned a home in the past three years. This requirement is waived for all home buyers who have previously lived in foster care and fall within the program’s income limits, reinforcing the inclusive nature of the Biden first-time home buyer initiative.

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