KHTS Radio Santa Clarita Radio – Santa Clarita News
California’s Forgivable Equity Builder Loan is aimed at helping first time home buyers in the state with their down payment.
Announced by the California Housing Finance Agency (CalHFA) earlier this week, the Forgivable Equity Builder Loan would give first-time buyers a leg up via a loan that is forgivable if the borrower continuously occupies the home as their primary residence for five years, according to the CalHFA website.
“The Forgivable Equity Builder Loan has an interest rate of 0 percent, although you may have to pay back a portion of the loan if you occupy the home for less than five years,” according to the CalHFA website.
Applicants are encouraged to have this list of documents and information available to help answer questions when initially contacting a loan officer:
- Pay stubs
- Bank statements
- Employment history
- Previous tax returns
According to the California Association of Realtors‘ Traditional Housing Affordability Index (HAI), the percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in the fourth-quarter of 2021 inched up to 25 percent from 24 percent in the third quarter of 2021.
In March 2022, the median price in all the major regions of California continued to grow on a year-over-year basis, with all of them increasing by double-digits and four of them reaching a new record high.
To learn more or apply, visit CalHFA.
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