OCEANSIDE, Calif. (KGTV) — In San Diego’s costly housing market, an Oceanside woman is about to realize her homeownership dream thanks to a lottery-based state loan assistance program.
The Dream for All Shared Appreciation Loan is California's down payment assistance program.
Borrowers get up to $150,000 as a loan for their down payment and must pay it back plus 20% equity.
Germaine Jackson applied for the program before the April deadline earlier this year.
She was selected through the lottery and is now in escrow on her very first home in Oceanside.
As an educator, homeownership was always a dream, but she had over $100,000 in student loans. As luck would have it, her loans were forgiven in the last year.
"As a child, I always lived in an apartment. Growing up, I always lived in an apartment. So definitely, it’s always been a dream to be a homeowner," says Jackson.
Keller Williams realtor Myrna Harrison says over 18,000 Californians applied for the loan, but only 1,700 were selected.
She hopes the program is funded again next year so others, like Jackson, have a chance.
