Home of Your Own Act of 2025

The "Home of Your Own Act of 2025" mandates the Secretary of Housing and Urban Development to establish a new homeownership assistance grant program. This program aims to provide financial aid to eligible first-time homebuyers, with funds distributed to states and Indian tribes . The primary goal is to make homeownership more accessible by addressing initial financial barriers for qualified individuals. Under this program, eligible persons can receive a one-time grant of $30,000 . These funds are specifically designated to cover significant costs associated with home acquisition, including down payments , closing costs , and expenses to reduce mortgage interest rates. Additionally, the grants can be used for essential pre-occupancy repairs or modifications , such as bringing a home up to inspection standards or accommodating household members with disabilities. To qualify for assistance, individuals must be self-attested first-time homebuyers whose household income does not exceed 120% of the local median income , or 150% in high cost-of-living areas. A portion of the appropriated funds, specifically 3%, is reserved for Indian tribes, with the remaining amounts equitably allocated to participating states. States are required to distribute at least 25% of their allocation through community development financial institutions . A key provision requires eligible persons to complete a financial counseling program on homeownership responsibilities before receiving assistance. Furthermore, recipients must occupy the eligible home as their primary residence for a continuous 60-month period; failure to meet this occupancy requirement may necessitate proportional repayment of the grant, though exceptions exist for hardship or sales below acquisition cost. The bill authorizes $6.7 billion annually for fiscal years 2026 through 2030 to fund this initiative.