New Program to Help First Time Home Buyers

J.R. Heimbigner

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Last month, California established two initiatives to assist those who want to become homeowners, one of which allows first-time homebuyers to borrow a down payment at 0% interest.

The Forgivable Equity Builder Loan program, according to the California Housing Finance Agency, will assist purchasers with a loan of up to 10% of the purchase price.

"Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and CalHFA is committed to improving equitable access to homeownership for all Californians," said CalHFA's Executive Director Tiena Johnson in a statement.

Californians earning less than 80% of the area median income in the county where the property is located can apply for the loan. It can be used to pay for a down payment or closing costs and interest rate buydowns.

"We have to use every tool in our toolbox to tackle the housing affordability crisis head-on," said Governor Gavin Newsom. "We're helping new homebuyers and ensuring that current homeowners can keep their homes in good repair, while also building the affordable housing our state needs."

The California Housing Finance Agency was established to assist more Californians in finding a home. CalHFA has provided $32.6 billion in first mortgages to more than 207,000 low- and moderate-income homebuyers and $6.1 billion in funding for the building and preservation of more than 70,000 affordable rental housing units across the state.

The California Department of Housing and Community Development is committed to preserving and expanding safe, affordable housing so that more Californians can call it home.

What do you think? Will these be helpful programs to help with housing in California? Leave a comment below. If you think more people should read this article, please share it with your friends!

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