The New California Homebuyer Program allows you to borrow a down payment at 0% interest.

Sacramento, California (KABC) – The state of California launched two programs last month to help those interested in becoming homeowners, one of which allows first-time homebuyers to borrow a down payment at 0% interest.

According to the California Housing Finance Agency, the Forgotten Equity Builder Loan Program will help homebuyers obtain a loan of up to 10% of the purchase price.

The state says you don’t have to pay off your junior loan if you stay home for five years.

note: The video above is from a previous report on the housing market’s return to pre-pandemic levels.

The loan is available to Californians whose income is less than 80% of the median income for the district in the county in which the property is located. It can be used for down payment or closing costs, including price reduction.

“Home ownership has proven to be one of the most powerful ways for families to build and transfer wealth between generations, and CalHFA is committed to improving equitable access to home ownership for all Californians,” CalHFA CEO Tina Johnson said in a statement earlier this month. “The Forgotten Equity Building Loan, which gives first-time homebuyers a head start with immediate equity in their homes, will help California families build and transfer that wealth through a secure, stable home loan.”

The loan is available through CalHFA’s Network of Lenders, which covers every county in California.

For more information on how to apply, Visit the CalHFA website.

Copyright © 2022 KABC Television, LLC. All rights reserved.

Leave a Reply

Your email address will not be published.