You don't pay interest monthly. Instead, when you sell or refinance, you repay the original loan amount plus 15% to 20% of the home’s appreciation (the increase in value).
Up to 20% of the home’s purchase price (capped at $150,000) for a down payment or closing costs. california home buying programs
The landscape of California home buying programs is currently defined by the state’s massive effort to bridge the affordability gap through innovative, albeit competitive, financial assistance. The "proper story" today is less about standard mortgages and more about and targeted Down Payment Assistance (DPA) . The Flagship: California Dream For All You don't pay interest monthly
To target those most in need, at least one borrower must be a first-generation homebuyer (neither they nor their parents have owned a home in the last 7 years). Core CalHFA Assistance Programs Steps to Buying a Home | CA Housing Finance Agency - CalHFA The landscape of California home buying programs is
Because it is so popular—likened by some to "buying Taylor Swift tickets"—applicants are now chosen via a randomized drawing rather than first-come, first-served.