The Home of Your Own Act of 2024 would create a new federal grant program to help first-time homebuyers purchase homes by providing up to $30,000 in assistance per person for down payments, closing costs, and home repairs. The program would be administered by the Department of Housing and Urban Development and distributed to states and Native American tribes, with 3 percent of funds reserved for tribal governments. Eligible buyers must have household incomes not exceeding 120 percent of their local area's median income (150 percent in high cost-of-living areas) and must complete financial counseling before receiving assistance. Recipients would be required to occupy the home as their primary residence for at least five years or repay the grant proportionally, though exceptions exist for hardship situations or if the home sells at a loss. The bill authorizes $6.7 billion annually for fiscal years 2025 through 2029, with states required to distribute at least 25 percent of their allocated funds through community development financial institutions.