SAN DIEGO (KGTV) — Funds for the program meant to help first-time homebuyers in California ran out after the state opened up applications recently.
ABC 10News spoke with a realtor who says all of the $300 million that was allocated for the program has been claimed.
The California Dream For All Program started less than two weeks ago. Californians who were approved received a loan for 20% of the home purchase price.
They will have to pay that back, plus 20% of any appreciation in the value of the home.
Todd Pianin, senior vice president at Guaranteed Rate, joined ABC 10News Saturday morning to discuss why the program is necessary.
"There were a lot of people who were basically waiting for the program... Boom! Everybody jumped for the money," he says.
Pianin pointed out that the program is on pause at the moment. He believes once money comes back into it, applications will reopen.
