Yes!! That’s right! If you are a first-time homebuyer trying to purchase your primary residence, new help is here! CA’s new Forgivable Equity Builder Loan gives qualified buyers 0% interest loan up to 10% of the purchase price or appraised value (whichever is lower). This loan is forgivable if you occupy the home as primary residence continuously for 5 years after closing. That means NO PAYMENT and the balance goes to ZERO after 5 years.
Additional requirements are; be a first-time homebuyer, occupy the property as your primary residence, and the loan can only be used with a CalHFA first mortgage. There is a max income requirement depending on the county of the property.
If you would like to explore more info on this program, contact me today!
