The state of California launched two programs last month to help those interested in becoming homeowners, and one of them allows first-time homebuyers to borrow a down payment at 0% interest.
According to the California Housing Finance Agency, the Forgivable Equity Builder Loan program will help homebuyers with a loan of up to 10% of the purchase price.NOTE:The loan is available to Californians whose income is less than 80% of the area median income in the county where the property is located. It can be used for down payment or closing costs, including rate buydowns.
"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 released earlier this month.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First-time homebuyers 'getting squeezed the most’ between inflation, higher mortgage rates: Real estate expertMacro Trends Advisors LLC founding partner Mitch Roschelle argued that first-time homebuyers are “the ones getting squeezed the most between inflation and higher mortgage rates.”
Read more »
Ward 8 Program Aims To Help Residents East Of The River Buy HomesThe new program will give qualified residents in Ward 8 $2,500 to put toward the closing cost of their first home.
Read more »
Australia hikes its interest rate for the first time in more than a decadeThe Reserve Bank of Australia said the cash rate will be increased by 25 basis points to 0.35% — the first rate hike since November 2010.
Read more »