Here’s how the California Dream Loan Program works for everyone

With housing costs soaring and interest rates still high, buying a home can be daunting. This is especially true for first-time buyers, but officials at the California Housing Finance Agency believe buying a home is still possible, as the organization is making things a little easier for some first-time buyers with low-to-moderate incomes. On Monday, it will launch the California Dream for Everyone Shared Appreciation loan program to help people who haven’t been able to save much for huge down payments. The program comes with many income qualifications, but it is very simple. The state will give first-time buyers 20% of the home’s cost to help with their down payment. When the homeowner then sells the house, the state gets a portion of it, thus using that money to help the next first-time buyer. Company spokesman Eric Johnson said: “The down payment is a hurdle for a lot of people. They may have the money to make the monthly payment, but they don’t have $100,000 in savings in the bank. That means they’re stuck with renting and the state plans to provide $300 million in payments to help 2,300 First-time buyer.“We’re changing lives one family at a time, and it feels really great,” Johnson said.Click here to learn more about the California Dream for All loan program.