American Dream Downpayment Act

American Dream Downpayment Act

Became law 12/16/03

Thousands of Americans will have more housing opportunities under new legislation backed by the National Association of REALTORS® and signed into law by President Bush. The American Dream Downpayment Act will provide an average of $5,000 in grants to approximately 80,000 lower-income families over the next two years to help them pay downpayments and closing costs. 

The program comes with a financial counseling requirement which studies have shown to significantly enhance the prospect of first-time home buyers remaining homeowners.

For more information, click here.