SAN DIEGO (KGTV) – Buying a home in San Diego or anywhere else in California is becoming more of a reality for many, thanks to a new state-sponsored loan program.
The California Dream For All Shared Appreciation program is available for first-time homebuyers in San Diego County who make up to $211,000 a year and have a minimum credit score of 680.
Income limits vary by county, according to the program’s list of requirements.
Under the program, the special loan can be used to make a down payment and pay for closing costs.
“It’s been tough,” Joy Heyward, a first-time homebuyer, said.
And for many people like Heyward getting their first home isn’t easy.
“So, the last one of the homes I was trying to buy had 34 offers and they were $100,000 over the asking price. I just … I’m unable to compete in that game,” Heyward said.
It’s a game not many first-time home buyers can compete in today.
“It can be daunting. It can be exhausted. But with the right team, you can push through,” said Sheri Jones of S.A.K.K. Realty.
Jones is a local realtor with a decade’s worth of experience in the game.
“So, we’re in a market, even with higher interest rates, people have money and people have pre-approval to back it,” Jones said.
Now, Heyward qualified for the program. She said it can give her hope in this tough game of home buying.
“That hopefully, you know, this increases my buying power so that I can offer more so I’m really excited about that, that possibility,” Heyward said.
“They’ll give you 20 percent and you have to pay it back once you sell the property. But you also have to give them 20 percent of whatever equity that you earned,” Jones said. “So, it’s great because you’re not really putting any money down and all you have to do is share a little bit of the pie.”
To learn more about the program, including how to apply, visit https://www.calhfa.ca.gov/dream/index.htm.
