President Bush said it just isn't right that some Americans can't afford to own their own home due their not being able to afford a downpayment on one this past Tuesday at the signing ceremony of the American Dream Downpayment Act.
Well, consider that injustice erased from low-income Americans' dreams of home ownership, now that the Act has been signed into law.
The grants that the Act provides are targeted toward low-income Americans who may be able to pay mortgage payments, but not other high-dollar items such as the downpayment on a home, or the closing costs. To qualify, home buyers must have an income that's 80-percent below the area's median income where they're buying the home in.
The funding to implement this particular Act is still awaiting passage in funding bills being considered by Congress.
Information from CBS Market Watch was used for this report.
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