New California program to help first-time buyers

A new program to help first=time home buyers in California – the Forgivable Equity Builder Loan – will allow qualified, first-time buyers to borrow up to 10 percent of the purchase price and have the debt forgiven if the home is lived in for five years.

the loans are for middle-income families making less than 80 percent of their county’s median income or approximately $120,000 per year. California has earmarked $100 million for the program.

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