New State Program Provides Up To 10% In Down Payment Assistance To Eligible First Time Home Buyers
Michelle Zambrano | May 4, 2022
California is now offering forgivable loans to middle-class home buyers who are struggling in their efforts to cover down payment costs amid rising house prices.
The new Forgivable Equity Builder Loan program allows qualified, first-time buyers to borrow up to 10 percent of a home’s purchase price and have the debt forgiven if the buyer lives in the home for five years.
Who Is This For?
The program is intended to help first time homebuyers make a larger down payment, which would result in a more affordable monthly payment on the remaining balance. The program is not intended to replace the buyer’s down payment altogether.
This means if a home buyer has a credit score over 620 and at least $15,000- $25,000 for additional down payment and closing costs, then you could potentially own a house instead of renting.
Advantages Of Home Ownership
There are many advantages to owning a house over of renting:
How To Check Your Eligibility
Down payment assistance is offered on a first come, first served basis.
Click the button below and complete the online survey to see if you qualify to apply.
There is no cost or commitment required.