"Based on the demographics, we really need to make sure that we are serving diverse communities. "The goal is to serve all Californians," he said. Briones says it's meant to help people priced out of the current market, especially communities of color. It's called a "shared appreciation loan," which means if the program contributes, say, 20 percent, it will collect 20 percent of the increased value if and when the owner sells the home. And then, rather than an actual interest payment, what you would do is pay a share of the appreciation," said Adam Briones, CEO of an Oakland-based non-profit called California Community Builders. "What sets the California Dream program apart is that you don't pay any interest on the loan until you sell or refinance out of your home. The best part is, you don't have to pay the state back - as least not right away. On a conventional loan for a median-price home, a 20 percent down payment compared to 3.5 percent would save more than $1,000 per month. That lowers the amount of the loan and eliminates the requirement for private mortgage insurance or PMI. With it, the state becomes a partner in the transaction, lending first-time homebuyers enough to put at least 20 percent down. That's why the state just created a fund called the "California Dream for All" program. "So, having 20 percent kind of puts you in the ballgame," he explained. "Recently, without a 20 percent down payment, really, your offer is hardly even considered, just because there's so much cash in the marketplace," he said. Mortgage banker Roger Smith with LaSalle Mortgage Services in Montclair, says there's one more drawback. There are loans that require a smaller down payment - some as low as 3.5 percent - but you'll pay a lot more for the money. That's a pretty modest home in the Bay Area but, even at that amount, a 20 percent down payment would be more than $157,000. The median price of a house in California reached $786,000 last year.
Cbs4 news new life program update#
Currently, it is hard to know if Holly is dating, married, or single but we will update the information as soon as it is available.SAN FRANCISCO (KPIX) - As the ability to afford a home slips farther out of reach for many working people, California is using some of its budget surplus to help struggling home buyers with a new program that's putting a down payment on the state's future. She has not yet mentioned anything about her being married, dating, or engaged. Holly has kept his personal life away from the public eye. She also gained experience displaying graphics during high school sporting games. She worked as a technical director and film crew member during athletic events. She graduated cum laude from the Walter Cronkite School of Journalism and Mass Communication at Arizona State University in May 2018 with a major in broadcast journalism and a minor in business and marketing. Holly was born and raised in Los Angeles, California. Her age information is not available but will be updated as soon as it is available. Holly is very excited to be in El Paso and she plans to explore as much as possible. She joined the KFOX14 and CBS4 team in September 2018 as a weather forecaster and multimedia journalist. The initiative, which launched late last month, is to show that good. The cops have been handing out 10 pizza gift cards with 'you got caught doing something right' to people who have been seen obeying the law or helping others. Holly Bock is An American Weather forecaster and Multimedia journalist. Officers from the Denver Police Department in Colorado are stopping citizens - but not for the reason you may think. Information You May Need To Know About Holly Bock Photo
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