People thought that this program’s $300 million would last a few months.
How about two weeks!
I doubt the homebuyers all found homes already. Doesn’t it have to be that the $300 million in loan preapprovals all happened quickly, and now those buyers are searching for homes at a higher price point than they previously expected?
It probably feels like free money!
It should mean a surge of home sales in the $500,000 – $1,000,000 range throughtout the state.
Thank you California taxpayers!
Added later – it looks like you did need to have an accepted offer:
The income limits for eligibility on this program were low to the point where most shouldn’t be buying in the first place.
Brian, the income limit was $211,000/year. Pretty good income for someone buying a house with an 80% LTV in that price range. It is a shame that the program was launched and paused so quickly. CalHFA claims that they expect 2300 families to benefit. I would like to see the final numbers on this after the program is funded out.
In what way is shared ownership in partnership with the State of California not another way of saying “public housing?”
Do “homeowners “ need to pay California’s share of property taxes and insurance and…?