As the ability to afford a home slips farther out of reach for many working people, California is using some of its budget surplus to help struggling home buyers with a new program that puts a down payment on the state's future.
SAN FRANCISCO -- As the ability to afford a home slips farther out of reach for many working people, California is using some of its budget surplus to help struggling home buyers with a new program that's putting a down payment on the state's future.
"Recently, without a 20 percent down payment, really, your offer is hardly even considered, just because there's so much cash in the marketplace," he said."So, having 20 percent kind of puts you in the ballgame," he explained. "What sets the California Dream program apart is that you don't pay any interest on the loan until you sell or refinance out of your home. And then, rather than an actual interest payment, what you would do is pay a share of the appreciation," said Adam Briones, CEO of an Oakland-based non-profit called California Community Builders.
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