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We always like something for nothing, right, it’s human nature. Lately, I have been getting many calls about the CA Dream Home Act and I am assuming it is because there is some hype in the news about it.
This is the State of CA program where they will lend certain first-time home buyers up to $150,000 to purchase their first home. They had this program last year, which lasted 2 weeks before all the funds were allocated.
This time around they are asking people to get qualified beforehand and then their name will go into a drawing and the first 2300 homebuyers picked will get the grant money called CA Dream Home Act.
Here is what does not make sense about this program. It is very limited in who will qualify to get it PLUS you will have to pay back the funds you were given PLUS 15%-20% of the equity that the property has accumulated. Last time around it was only 10% and now it appears the State of CA would like a bigger piece of the equity in your property.
Many people (experts) are saying this is a “scheme” where CA is trying to help you on the one hand and then make money off of you on the other. Again, nothing in life is free.
Whether it is a scheme or not, you will have to decide for yourself. What I can tell you is that there are many other programs that are much easier to obtain and unlimited in the number of homebuyers that can obtain the assistance and you do not have to give up your hard-earned equity.
I saw this article/video that goes into the pros and cons of this program and I encourage you to click below to see it and decide for yourself.
If you are thinking of buying, call me because there are many options out there to help you.
Click Here to Read the Article
Source: MSN
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