INTERVIEW: California's first-time homebuyer program depletes $300M fund for down payments
SAN DIEGO — Funds for the program meant to help first-time homebuyers in California ran out after the state opened up applications recently.
The California Dream For All Program started less than two weeks ago. Californians who were approved received a loan for 20% of the home purchase price.Todd Pianin, senior vice president at Guaranteed Rate, joined ABC 10News Saturday morning to discuss why the program is necessary. "There were a lot of people who were basically waiting for the program... Boom! Everybody jumped for the money," he says.
Pianin pointed out that the program is on pause at the moment. He believes once money comes back into it, applications will reopen.
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