If you live in California, the state launched a new program called the Forgivable Equity Builder Loan in 2022. If you qualify, it provides up to 10% of the purchase price for a down payment, at 0% interest. If you occupy the home continuously as a primary residence for 5 years, you don't have to pay it back!
Properties that qualify are single family homes and one-unit residences, including approved condominium/PUDs. Guest houses, granny units and in-law quarters may be eligible. Condominiums must meet the guidelines of the first mortgage.
To qualify, you must have a household income of 80% or less of the median income in your area. In Los Angeles County, that is currently $68,880 or less.
For details about the program, visit this site.
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