California is giving up to $150,000, or 20%, of the purchase of a home to help finance a down payment, closing costs, or first-time mortgage for first-time homebuyers.
If you sell the home in the future, you’ll be required to pay back the 20% loan, plus 20% of the home’s appreciation.
“We are thinking about buying a house within the next year or so just so we're able to save enough money just in case we want to, like, flip the house or, you know, just make it our home," Atascadero resident Baylee Zuker said.
San Luis Obispo County residents looking to apply for the program must be first-generation homebuyers and cannot make over $179,000 a year. Applicants have to have a credit score above 650 and a debt-to-income ratio of no more than 45%. Anyone who has been placed in foster care will also be eligible.
“It's hard as a millennial wanting to buy a house, start a family, and go to those next steps," Zucker added. But, you have to be financially realistic. And right now it's just not in the cards because of how high the prices are.”
For longtime San Luis Obispo County residents like George Westlund, his mortgage is paid off and his parents were able to pay off their home with only one fixed income.
“My dad was lower middle income he deputy sheriff in the county and they just kept trading up which got them to have a house with quite a bit of equity when he retired," Westlund said. “Housing in California is getting unaffordable."
The Dream for All program first debuted in March of last year. Thousands of homebuyers shared $300,000,000 on a first-come first-serve basis. This year's recipients will be chosen at random by lottery. Online applications opened this month on April 3 and will close at 5 p.m. on April, 29.
