Empowering first-time homebuyers with California’s new program.
Today, I have some fantastic news for first-time homebuyers in California, especially those who haven’t owned a home in the last three years. The State of California has launched an encouraging program to support you in your journey to homeownership.
Originally planned as a $10 billion initiative over ten years, the program’s budget for 2023 has been adjusted to $300 million. This program aims to provide up to 20% off the cost of purchasing a home in California for first-time buyers. Despite the budget reduction, the program still presents a substantial opportunity for many.
The program comes with income limits, but they are quite lenient. For instance, the income limit is $180,000 in Los Angeles County, $235,000 in Orange County, $220,000 in Ventura County, $211,000 in San Diego County, and $173,000 in the Inland Empire (San Bernardino and Riverside Counties). This program offers down payment assistance of up to 20%, along with closing costs assistance and rate buy-down options.
“The State of California has launched an encouraging program.”
This loan does not carry an interest rate. Instead, the state will share in the appreciation of the property value. For example, if a home appreciates from $500,000 to $600,000, the state shares up to 20% of the $100,000 increase when you refinance, transfer within the family, or sell the property.
The program is set to launch on March 27, 2024. If you or someone you know falls within these income parameters and is a first-time homebuyer, this information could be crucial. Please feel free to share it via email, text, or forward this video.
This program is an excellent opportunity for those who have the income but may not have saved enough in the current market. If you need more information or have any questions, don’t hesitate to contact me via text, call, or email. In the meantime, stay safe and healthy!
