California is giving up to $150,000 to help first-time homebuyers

KTLA ^ | April 6, 2024 | Vivian Chow

[artichokegrower]

Applications for California’s down payment assistance program for first-time homebuyers are now open.

The state-funded program, called Dream For All, will be giving out $250 million to assist thousands of first-time homebuyers this year. Buyers can receive up to $150,000 towards their purchase.

[steveo]

S*it loans, at least 10% will go into default

[mbrfl]

This money will end up just getting absorbed into the cost of buying a home. Some may benefit initially for a brief time, but it won’t take long until pricing catches up with the excess “demand”. Twenty dollar an hour minimum wage worked so well that they’re now moving on to “fixing” the housing crisis.

[mbrfl]

According to the article, the loans are repaid if and when the home buyer sells the home. From the article:

.....For example, if you bought a $500,000 home, you’d receive 20%, or $100,000, to help with your down payment and closing costs.

If you sell the home in the future, you’ll be required to pay back the 20% loan, plus 20% of the home’s appreciation.

For example, if the $500,000 home sells for $700,000, there is a $200,000 appreciation. You would owe 20% of that — or $40,000 — in addition to the original loan.

However, if you sell your home and it hasn’t grown in value at that time, you would only need to pay back the original 20% loan.

There are exceptions for borrowers whose incomes are less than or equal to 80% of the Area Median Income. For those borrowers, they would only need to pay back 15% of the home’s appreciation, along with the original loan. To see if your income qualifies, use the HomeReady

[mbrfl]

From the article:

Who is eligible to apply?

All borrowers, including co-borrowers, must be a first-time homebuyer, defined as someone who has not owned a property or lived in a home owned by a spouse during the past three years

At least one person must be a first-generation homebuyer meaning their parents do not own a home in the United States

All applicants must be California residents
Borrowers must plan to reside in the home as their primary residence

Applicants must make under the income limit threshold. Each California county will have a different income limit

Applicants must have a credit score of 680 or higher and a debt-to-income ratio of no more than 45%

Anyone who has ever been placed in foster care will be eligible

[Gaffer]

Like student loans?

[californian by choice]

There is the danger for the country and it is not the J6

[Seaplaner]

“At least one person must be a first-generation homebuyer meaning their parents do not own a home in the United States”

Anyone whose ancestors served in the US military during a time of crisis or war…need not apply

Yup, this Veteran, when he graduated UC Davis in the 70s in California (working while in school yet slightly in debt), would not have been eligible.

[Flint]

In Cali that just might cover the down payment on a house trailer.

[i_robot73]

>
“Article IV, Section 4: The United States shall guarantee to every State in this Union a Republican Form of Government [emphasis added]
>

How ‘bout a few more apropos:

1) “...nor shall any person...be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.”
- 5th A.

2) “Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction.”
- 13th A.

3) “...No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.
- 14th A.

Unfort., the Uniparty cares not of the LAW

[volare737]

California deserves this! /s