"California Relaunches Affordable Home Loan Program with New Changes and $150K Assistance"

The California Housing Finance Agency is offering no-interest, no-monthly-payment loans to help lower-income residents come up with a down payment and fees to buy their first home. The program, called California Dream for All Shared Appreciation Loans, has tightened its requirements and will choose qualified applicants by lottery. The loans, limited to covering the down payment and closing costs on a first home, max out at $150,000 or 20% of the home’s purchase price, and do not accrue interest. Applicants must meet specific criteria, including being first-time, first-generation homeowners and meeting income limits. The application process will begin in April, and approved applicants will receive vouchers for the loans, but finding a suitable home and qualifying for a mortgage loan are still necessary.