Huge opportunity for first time home buyers in California. A new home loan forgiveness program will help with the purchase of a new home by giving the 10% down payment buyers require. This will allow those people who are able to pay their rent yet cannot save money to purchase a home. With the down payment made via this program, those who qualify could pay their mortgages instead of rent. The best part is these loans are also forgivable as long as you live in the home for at-least 5 years!
The Forgivable Equity Builder Loan list certain requirements:
Borrower Requirements
- Be a first-time homebuyer. See the definition of a first-time homebuyer.
- Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.
- CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
Property Requirements
- Be a single-family, one-unit residence, including approved condominium/PUDs
- Guest houses, granny units and in-law quarters may be eligible
- Manufactured housing is permitted
- Condominiums must meet the guidelines of the first mortgage
Find out more details & information here!