Here’s how the California Dream for All mortgage program works
The California Dream for All loan program helps first-time homebuyers with down payments
With housing costs through the roof and interest rates still high, buying a home can be daunting. That̵[ads1]7;s especially true for first-time buyers, but California Housing Finance Agency officials believe it’s still possible to buy a home. The organization makes things a little easier for some first-time buyers with low and moderate incomes. On Monday, it is launching the “California Dream For All Shared Appreciation” loan program to help people who haven’t been able to save much for big down payments. The program has several income qualifications, but it is very simple. The government will give first-time buyers 20% of the home’s cost to help with the down payment. When the home owner then sells the house, the state gets a part back and in turn uses that money to help the next first-time buyer. “The down payment is a hurdle for a lot of people,” said spokesman Eric Johnson. “They may have the money to make the monthly payment, but they don’t have $100,000 saved in the bank. That means they’re stuck renting “The state plans to provide $300 million in payments to help 2,300 first-time buyers. “We’re changing lives one family at a time and it’s a really good feeling,” Johnson said. Click here to learn more about the California Dream for All loan program.
With housing costs through the roof and interest rates still high, buying a home can be daunting. That’s especially true for first-time buyers, but officials with the California Housing Finance Agency believe it’s still possible to buy a home.
The organization makes things a little easier for some first-time buyers with low and moderate incomes. On Monday, it is launching the “California Dream For All Shared Appreciation” loan program to help people who haven’t been able to save much for big down payments.
The program comes with several income qualifications, but it is very simple. The government will give first-time buyers 20% of the home’s cost to help with the down payment. When the home owner then sells the house, the state gets a part back and in turn uses that money to help the next first-time buyer.
“The down payment is a hurdle for a lot of people,” said spokesman Eric Johnson. “They may have the money to make the monthly payment, but they don’t have $100,000 saved in the bank. That means they’re stuck renting.”
The state plans to provide $300 million in payments to help 2,300 first-time buyers.
“We’re changing lives one family at a time and it’s a really good feeling,” Johnson said.
Click here to learn more about the California Dream for All loan program.
