SAN DIEGO (KGTV) — It’s not the Powerball lottery, but it might as well be in San Diego’s expensive housing market.
The application for the California Dream for All Shared Appreciation Loan opened Wednesday. The program is a downpayment assistance loan program for hopeful homeowners in California.
Borrowers would get up to $150,000 for a downpayment on a home. To qualify all applicants must have at least a 660-credit score, all borrowers must be first-time homebuyers and at least one borrower has to be a first-generation homebuyer. Applicants cannot make more than $185,000.
As a local realtor for Keller Williams Realty, Myrna Harrison explains, applicants would have to pay the loan back, plus a portion of the equity.
"You do have to pay back the downpayment, but you also have to pay back 20% of the equity, so that’s the shared equity part," says Harrison.
The program is statewide, with $250 million up for grabs. Harrison says just under 300 people in San Diego will be selected and the selection process is lottery-based.
Harrison encourages anyone who thinks they meet the requirements to apply and advises that people work with a trusted agent who will advocate for them in the process. She also asks sellers to give first-time home buyers a chance to make their dreams of buying a home a reality.
The deadline to apply is April 29th before 5 p.m. To find out more about the program or if you'd like to apply click here.
