By Brianna Taylor
After last year’s budget of $300 million in down payment assistance was devoured in 11 days, California has relaunched its program with stricter guidelines to target a niche group of first-time homebuyers.
In its second year, the California Housing Finance Agency’s Dream For All Shared Appreciation Loan program will continue to award down payments that don’t have to be repaid until the property is sold, refinanced, transferred or paid off. Whether or not you are chosen for a loan will be based purely on luck — and your parents. Last year, the CalHFA dished out money on a first-come, first-served basis to people who had not owned a home in the past three years, among other requirements.
This time, aspiring homeowners must match the state’s description of a first-generation homebuyer to qualify. A lucky bunch of borrowers will pull from a slightly lesser pot of $220 million for their new home.
Spokesman Eric Johnson with the CalHFA said between 1,600 and 2,000 loans will be awarded this round.
Read more at: Sacramento Bee