This proposition is up on the ballot for November, and is an opportunity for help with a low 3% down payment to buy a new home up to $1.5 million dollars -- see Secretary of State website https://voterguide.sos.ca.gov/propositions/37/index.htm.
Proposition 37 does not take money from the State, the $25 billion in bonds are paid back by the mortgage payments of buyers who purchase their homes - - this is not funded otherwise by taxpayers. And unlike other types of buyer assistance programs, there are really no qualifications for this program other than standard mortgage qualification approval, and the purchase must be a NEW home not more than $1.5 million.
The buyer must be a California resident and otherwise qualify for the mortgage. Another benefit from this proposition is that it can stimulate the building of more homes, and give more people the opportunity to buy.
See https://voteyeson37.com/press-release-yes-on-prop-37-campaign-launches-down-payment-savings-calculator/ in the various counties of the state, where the savings that could be utilized by this program is posted for each county. Please visit this website https://voteyeson37.com for more complete information about this program, which thus far has received no opposition. It has broad bipartisan support by many California elected officials from all parts of the state.
Looking for new home construction near you, even if it's to be built? Please contact me for locations, I can help you, because the MLS and related sites may not offer all location information.
Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996
