by Greg Stidham, REALTOR® (updated December 7, 2022)
*** IMPORTANT UPDATE *** The funds for the Forgivable Equity Builder Loan program have been exhausted. This blog post will remain for archival and reference purposes.
This program is great news for first-time homebuyers!
The California Housing Finance Agency (CalHFA) announced a new program on March 16, 2022 and you’re probably starting to hear about it in the news as it starts to become available to first-time homebuyers. The new program is called the Forgivable Equity Builder Loan and it’s just like it says in the title – forgivable.
Let me say that again… FORGIVABLE! As in, you don’t have to pay it back. Keep reading for details.
I first heard about this program like you probably did – I heard a news story announcing it on May 1. The loan actually became available for use on April 4, 2022, but it is definitely flying under the radar. Almost everyone I talk to has not heard of it. I’ve spent a couple days locating the details to get the facts for you.
Here’s my list of five things you should know about CalHFA’s Forgivable Equity Builder Loan.…