Just ahead of what some real estate experts are predicting will be a robust fall homebuying season, Senators Cory Gardner (R-CO) and Doug Jones (D-AL) are aiming to help aspiring homeowners overcome the financial barrier of saving for a down payment with the American Dream Down Payment Act of 2020.

“A down payment on a home can be a significant barrier to becoming a homeowner,” Gardner said in statement. “Inspired by the popular 529 education savings accounts, this bipartisan bill will make it easier for people to save for a down payment, which will aid both our unique housing challenges in Colorado and our economic recovery from the COVID-19 pandemic.”

Proposed earlier this month, the ADDPA would allow states to establish and manage down payment savings accounts for homebuyers. Homebuyers can save up to 20 percent of today’s median housing cost or $102,080 — an amount that would rise with inflation. Family and friends can contribute to the account, which can be used for a down payment or other related housing costs without penalty.

For more tips on saving for a downpayment to buy your new home call me at 954-361-3596.