Last month a new program was launched by California state officials letting first-time homebuyers borrow a down payment at a 0% interest rate.
The program is called the Forgivable Equity Builder Loan, it will give forgivable loans to homebuyers up to 10% of the home’s purchase price.
“We have to use every tool in our toolbox to tackle the housing affordability crisis head-on,” Gov. Gavin Newsom said in an April statement announcing the program.
And according to the California Housing Finance Agency the upside is, if you as the buyer stay in the home for five years, you won’t have to repay the junior loan back.
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