Calculate How Much Stimulus
Money You May Receive
Editor: Tina Milam
May, 30 2020
The differences between the first stimulus package, "CARES Act", and the $3 trillion Heroes Act that was recently passed in the House is that the "Heroes Act" will make more people eligible and increase payments for dependents.
Over 4 million more adults Americans will be eligible to receive a payment under the HEROES legislation,. Under the HEROES Act, undocumented immigrants who do not have a Social Security Number but do file taxes using an Individual Taxpayer Identification Number (ITIN) are also eligible for a payment. Plus the bill as currently written would make those people immediately eligible to also receive the very first stimulus payment under the CARES Act Tax filers could receive over $9.4 billion economic relief.
What does this all mean for you?
The second round of stimulus money for 2020 "Heroes Act" As it was written as of now could send upto $6,000 into the hands of some families. The bill was approved 2 weeks ago by Democratic-led House. Hopefully we will have a solid YES on June 1st when the Senate finally take their vote!
If this bill is passed those who initially received direct deposit for "The Cares Act" will receive payment the same way with the "Heroes Act". Those who received The Cares Act payment via check will receive a prepaid debit card for the "Heroes Act" stimulus round of payments,
2020 Government Backed Home Purchase Program Giving $17,500 For Down Payments
What is Down Payment Assistance?
Simply put, Down Payment Assistance (also called DPA) is funding for home buyers through local State and Government Programs. This program helps people with financial assistance that drastically reduces the amount you need to save for a down payment on your new home.
For example, if you want to buy a 200,000 home and need 3 percent to qualify ($6,000), it would take you over two years to come up with that by saving roughly $200 month. A Down Payment Assistance Program could cut that amount of time down to weeks!
How Much Can I Get?
This can be a tough question to answer without knowing where you plan on buying a home and the loan amount. DPA programs can be a zip code lottery. For example, in Hawaii the max amount of assistance is $80,000 but in certain areas in Alabama the max is only $3,250. The average amount across the entire U.S is $17,500. But even if you don't qualify for the max amount, any extra funding would help you get into a new home sooner