There’s no doubt about it – the hardest part about buying a home in California is BY FAR saving up for the down payment. Right?! Well, this week buying a home just got a little easier with the help of CalFHA’s “California Dream For All Shared Appreciation” loan program.

Here’s how it works… The State will loan first-time buyers 20% for the down payment. This is a 0-interest loan with no payments! When the homeowner sells the house, the loan gets paid back in addition to 20% of the appreciation of the home.

Sounds pretty good, doesn’t it?

Here are some basic requirements to qualify:

~You must be a first-time home buyer (or not have owned a home in the past 3 years)

~ The purchase must be your principal residence (non-occupant co-borrowers are not allowed.)

~ You must meet the maximum income guidelines, which vary by county, but is $236,000 in Santa Cruz County

~ The loan amount cannot exceed the current Fannie Mae conforming loan limit. In Santa Cruz County the limit is $1,089,300.

~ You must have the minimum required credit score of 660-680.

~ You must complete two levels of homebuyer education counseling.

~The property can be a single-family home, manufactured home, townhome or approved condominium. (Guest houses, granny units and in-law quarters may be eligible.)

This program is not only helping buyers get into homes, but increases your purchasing power. You’ll qualify for a higher loan amount because you’ll eliminate the need for and cost of mortgage insurance!

Sounds too good to be true? Well, here’s the catch – FUNDS FOR THIS PROGRAM ARE LIMITED! So, time is of the essence!

If you or anyone you know has been struggling to get into the real estate market in California because of lack of down payment, we need to talk! I have lenders certified to work with this program and I’ll help get you connected, and into a new home!