The California Dream For All Shared Appreciation Loan program helps with down payments and closing costs for thousands of Californians.
“The state of California can give up to 20% for a down payment and closing costs. It’s a 0% interest rate. The payments are deferred for the entire life of the loan," explained Evans.“When you sell the property or refinance the loan, they take up to 20% of the appreciation. The homeowner gets to keep 80%," he said.A"for sale" sign is shown in front of the home on McIntosh Street in Chula Vista on April 5, 2023.
Evans said another thing to consider are the tax breaks that become available when someone becomes a homeowner. He said they can be significant enough to help offset the cost of mortgage payments. The money the state makes when a home sells or is refinanced goes right back into the program - helping more Californian’s dreams of home ownership come true.
Ellen Martin urged people who are interested to move quickly to apply. The state only has $300 million in the program and with thousands of Californians expected to apply, that money is expected to go fast.
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