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 this bill changes
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.
