Listen to Sandra Martínez talk about this topic:
Every family deserves the opportunity to build generational wealth, but home prices rise every year, so the California Dream for All program is making housing available to first-generation homebuyers and helping to create financial legacies.
Homeownership goes beyond creating a financial future, offering families stability and an environment that translates into better health and educational outcomes to support more families in their pursuit of wealth creation. generational, as experts commented during a briefing held by Ethnic Media Services.
The California Housing Finance Agency (CalHFA) is launching the “California Dream for All” Shared Appreciation Loan Program, aimed at qualified residents who wish to purchase a first-generation home in the communities traditionally neglected.
Eric Johnson, Information Officer, Marketing and Communications Division of the California Housing Finance Agency, commented that work is being done on the second part of the program, so that it can provide a loan of up to 20 percent or about 100 One thousand dollars.
To qualify for the program: you must be a first-time homebuyer, meaning you have not purchased or applied for a loan in the last seven years; You must also be a California resident; and that their parents do not own a home, since this program is to generate first generations of housing assets.
There is also support for people who are in an adoption situation, those who do not have generational wealth.
Another point to consider, they said, is that there are salary limits of $150,000 to about $230,000.
The first round was granted support according to the people who requested it, but for this occasion a lottery will be opened that will take place from April 23 to 29.
?We want to make sure that everyone has time to approach the approved lenders to make sure they have everything in order with their credit and that they receive a pre-approval letter, then they must upload that letter with all their documents?, commented Eric Johnson.
From April 23 to 29, all applications will be reviewed and subsequently a digital lottery will be held among that group of borrowers, to subsequently contact those chosen so that they can come and collect their resources and they will have 90 days to search for the home they will buy. .
Maeve Elise Brown, executive director and founder of Housing and Economic Rights Advocates (HERA), explained that there is a large gap between gender and race, so being equitable in housing becomes difficult, something that prevents communities from moving forward. of color, since the initial payment becomes a problem, as in the case of women or single mothers who have a larger job.
Last year, 46 percent of African Americans were homeowners compared to 74 percent of whites, so it's very evident, Maeve Elise Brown said.
Ria Cotton-Landry, real estate agent and owner of Ria Cotton Realty, explained that the average credit score for people of African descent is 695, so work is being done to generate more loans and support people who want to buy a home.
?Some of the problems we have faced are saving for the down payment. If there is no generational wealth to take advantage of, this becomes an obstacle, so this program creates a path to take advantage?, commented Ria Cotton-Landry.
The expert assured that this is a program to generate equity and you can also think about the future, expanding that house, creating apartments or more rooms, with the mentality of a more solid future.
An additional issue that should be considered is the general awareness of care and savings, since that many use their savings and all their funds in the procedures and the advance, but if the house has a mishap they are left homeless, so having a strategic plan is always important, an education beyond the purchase is one of the main goals.
Officials estimate that there will be between 1,700 and 2,000 lottery winners who will receive the bonuses and then have 90 days to spend it on a house, so they are invited to register and start the process so as not to leave this opportunity behind.
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