Many people in California consider buying a house a challenging task, and one of the biggest hurdles to homeownership is saving for a down payment.
A California down payment assistance program — known as “Dream for All” — is once again accepting applications.
The program offers people assistance of up to 20% of the purchase price of a home, which can be used toward a down payment or closing costs.
“I’m the primary breadwinner for a family of three, and I would not have been able to purchase a home without the program,” Cheryl Jenkins, a recipient from the program’s first round, said.
California Dream for All is a shared equity program. When a buyer eventually sells their home, they will pay back the original loan, plus somewhere between 15-20% of any appreciation of the home’s value.
Housing industry experts stress the need for more homebuying assistance programs.
“We absolutely need more programs like this in the future. If anything, again, it is incredibly challenging for the average person in San Diego to save up that much money,” realtor Destiny Roxas said.
This year, recipients will be chosen by a lottery drawing. Loan vouchers for the program will be awarded in May.
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