Sandy Flores broker

SANDY FLORES BROKER

Award Winning Realtor

International Real Estate
  Contributor @TELEVISAUNIVISION               KMEX 34  Los Angeles,              El Gordo y La Flaca, Santa Ana College               

Award Winning Realtor *   International Real Estate
Contributor @TELEVISAUNIVISION KMEX 34
Los Angeles, El Gordo y La Flaca, Santa Ana College

CALIFORNIA DREAM FOR ALL

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The hardest part of buying your first home is often saving for the down-payment.
A New California program offers homebuyers up to 20% financial assistance.

California's New Dream For All Program Provides Assistance to First-Time Homebuyers.

The California Dream For All program provides homebuyers with financial assistance equal to 20% of a home’s purchase price. 

Those funds can be used for a down-payment and closing costs when purchasing your first home.

The program offers first-time homebuyers in California a shared appreciation loan of up to 20% of the cost of the home. 

If you’re buying a $500,000 home, you’d receive 20%, or $100,000, to help with a downpayment and closing costs.

Once the homebuyer sells their home at a later date, they would be required to pay back the 20% assistance, plus 20% of the home’s appreciation. 

If your $500,000 home sells in five years for $700,000, you’d owe 20% of $200,000 appreciation — or $40,000 — in addition to the original loan. 

If you sell your home and it hasn’t grown in value, you’d only pay back the original 20% loan, according to the California Housing Finance Authority.

 

 

The state has allocated about $300 million toward the California Dream For All program, according to the State Treasure Fiona Ma. This will provide assistance for an estimated 2,300 homebuyers in California. 

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