Updated almost 4 years ago on . Most recent reply
Forgivable Equity Builder Loan
Hey BP,
I just heard about this new loan for firsts time home buyers in California.
It’s called the Forgiveness Equity Builder Loan.
What do you guys think about it?
Here’s a part of what CalFHA.com has in it
https://www.calhfa.ca.gov/home...
Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and CalHFA is committed to improving equitable access to homeownership for all Californians. The Forgivable Equity Builder Loan gives first-time homebuyers a head start on this with immediate equity in their homes via a loan of up to 10% of the purchase price of the home. The loan is forgivable if the borrower continuously occupies the home as their primary residence for five years
The Forgivable Equity Builder Loan is a forgivable subordinate loan program that may only be used with a CalHFA first mortgage.