03/10/2023
🌹Hot news for first-time home buyers in California. The Dream for all program is an attractive option to help families realize their dream of owning a home in Cali without having to put down a large down payment.
🌹The Dream for all program will provide up to 20% of the home value for down payment and closing costs with a second lien. This second lien assistance program does not require monthly payments at zero interest until the home is sold, refinanced, or the title is transferred. You can live in the home without selling or refinancing for up to 30 years. Then, you will repay the borrowed amount plus 20% of the home's profit (equity). For example, Future home value $640k - purchase price $500k = $140k home equity profit * 20%. Share Appreciation is $28k.
🌹 Requirements for this program:
* Have not owned a home in the past 3 years.
* Must have enough income to qualify for the loan.
* Two years of W2 or 1099 employment.
* Must have a minimum credit score of 680.
* Additionally, you must ensure that you are able to repay this loan when you sell or refinance the home.
🌹The program will start accepting applications on March 27, 2023. The program will be limited.
🌹If you have any questions or need further clarification, please inbox or call Annie at phone number 626-825-2674
