California Program Helps You Pay For Your First House

 

Applications open April 3 for California program that helps pay for your first house

Source: KQED

When it rolled out last year, the California Dream for All Shared Appreciation Loan program – a loan application for first-time homebuyers – exhausted its approximately $300 million of funding within 11 days. That prompted some changes this year for when the down payment assistance program reopens for residents on April 3. The state has about $250 million in the fund, which is expected to assist between 1,600-2,000 new applicants, according to the California Housing Finance Agency (CalHFA). 

“The program is designed to help those who may not have had the benefit of generational wealth in buying their first home,” said CalHFA Spokesperson Eric Johnson. Under the program, the state will put down up to 20 percent of the cost of the home, or up to $150,000. The money gets repaid when you sell the home, plus 20 percent of any appreciation in the home’s value. Applicants must be California residents making up to 120 percent of the area’s median income, as well as a first-generation homebuyer, meaning that their parents do not own a home in the United States. 

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