The Unlocking Homeownership Act lets individuals use funds from education savings accounts to help buy their first home. This change aims to make homeownership more accessible for new buyers.
If you are buying your first home, you can now use your education savings to help with the purchase.
Who this affects
First-time homebuyers · Families
What changes is this bill making?
1This bill allows people to use money from education savings accounts for buying their first home.
2First-time homebuyers can access these funds within 120 days of receiving them.
3The bill defines a first-time homebuyer as someone who hasn't owned a home in the last two years.
4It also allows for money to be transferred to other accounts if the home purchase is delayed.
5Qualified acquisition costs include expenses related to buying a principal residence.
