The California Shared Appreciation Loan program eligibility criteria that you don’t want to miss.
Eligibility Requirements:
- First-Generation Homebuyer Status:
- To get in on this, at least one borrower needs to be a first-generation homebuyer.
- First-generation? That’s someone who hasn’t owned a home in the US in the last 7 years.
- First-Time Homebuyers:
- All borrowers should be first-time homebuyers.
- Income Criteria:
- Your income should be at or below 120% of the Area Median Income for your county.
First-Gen Homebuyer – What’s That Mean?
- This is for you if you:
- Haven’t owned, held an interest, or been on a mortgage for a home in the US in the last 7 years.
- Your parents aren’t currently owning a home in the US, or if they passed away, they didn’t own a home at the time of their passing.
- Ever been in foster care or institutional care? You’re in.
So, if you’re looking to break into homeownership and meet these criteria, this program could be your ticket!
Reach out to us if you have questions or need more details. We’re here to help you on your homeownership journey.
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