Next month, California will relaunch a popular program that gives affordable loans to first-time home buyers, but this time the state is tightening the requirements for applicants.
The California Housing Finance Agency's California Dream for All program rolled out last spring on a first-come, first serve basis and there was huge demand. In less than two weeks, the program used up its entire $300 million budget. Just over 2,000 applicants received no-interest, no-monthly payment loans to help with a down payment. To explain the new changes to the program, we had Eric Johnson, a spokesperson for the California Housing Finance Agency on KTVU's The Four.
"Johnson explained that so much of the inequity in California is caused by inequities in home ownership. "Being able to own that home and pass on that generational wealth to the next generation is really foundation of making it so that a family is able to accumulate wealth."Johnson said income limits this time around are slightly lower but are still pretty generous. He said in Alameda County the income limit is $234,000. In Sonoma County it's $202,000.
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