California launches loan program for first-time home buyersCalifornia launches loan program for first-time home buyers — Hometown Station | KHTS FM 98.1 & AM 1220 — Santa Clarita Radio

The California Forgivable Equity Builder Loan is intended to help first-time home buyers in the state with their down payment.

Announced by the California Housing Finance Agency (CalHFA) earlier this week, the repayable equity construction loan would give first-time buyers a head start via a loan that is forgivable if the borrower continuously occupies the home as their primary residence for five years, according to the site. CalHFA website.

“The Forgivable Equity Builder Loan has a 0% interest rate, although you may have to repay part of the loan if you occupy the home for less than five years,” according to the CalHFA website.

Applicants are encouraged to have this list of documents and information available to help answer questions when first contacting a loan officer:

  • payslips
  • Bank statements
  • Employment history
  • Previous tax returns

According to California Association of Realtors‘ Traditional Housing Affordability Index (HAI), the percentage of homebuyers who could afford to purchase an existing median-priced single-family home in California in the fourth quarter of 2021 rose to 25% from 24% in the third quarter of 2021.

In March 2022, the median price in all major regions of California continued to grow year over year, with all increasing in double digits and four of them hitting a new record high.

For more information or to apply, go to CalHFA.

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