The new initiative called the California Dream For All Shared Appreciation loan program was introduced March 27 and had set aside $300 million to help 2,300 first-time homebuyers with down payments. That money ran out in 11 days, officials said.
Made possible by the California Housing Finance Agency, the program gives eligible individuals 20% of the home's cost to help with the down payment. When the homeowner sells the house, the state will get a portion back (15% or 20% of any appreciation of the home depending on your income) and, in turn, uses that money to help out the next first-time homebuyer.
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If your home hasn't grown in value but you still want to sell, you'd be responsible for paying back the original 20% loan, according to the CalHFA.
It's unclear when the program will begin taking applications again. Those who are interested can sign up for CalHFA updates on the agency’s website.