The California Housing Finance Agency is making it a little easier for some first-time buyers with low and moderate incomes. On March 27th, it launched the “California Dream For All Shared Appreciation” loan program to help people who haven’t been able to save up a lot for hefty down payments.
The program comes with several income qualifications, but it’s very simple. The state will give first-time buyers 20 percent of the home’s cost to help with the down payment. When the homeowner then sells the house, the state gets a portion back (15 percent or 20 percent of any appreciation of the home depending on your income) and, in turn, uses that money to help out the next first-time buyer. Click here to learn more about the requirements and how to apply.
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