The state of California launched two programs last month to help those interested in becoming homeowners, and one of them allows first-time homebuyers to borrow a down payment at 0% interest.
Forgivable Equity Builder Loan program:
Will help homebuyers with a loan of up to 10% of the purchase price
You don't have to repay the junior loan if you stay in the home for five years
The loan is available to Californians whose income is less than 80% of the area median income in the county where the property is located
It can be used for down payment or closing costs, including rate buydowns
For more information on how to apply, visit the CalHFA's website.
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