The First-Time Home Buyer Empowerment Act helps people buy their first homes by allowing them to use college savings funds without penalties. This makes it easier for new buyers to afford a house.
If you are a first-time homebuyer, you could access up to $35,000 from your college savings for your new home.
Who this affects
First-time homebuyers
What changes is this bill making?
1This bill allows first-time homebuyers to use money from college savings plans for home purchases.
2Homebuyers can withdraw up to $35,000 from these plans without facing penalties.
3The money must be used within 60 days to buy a primary residence.
4If the home purchase is delayed, buyers can extend the time to use the funds.
5If the home is sold within five years, the buyer may owe taxes on the withdrawn amount.
