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Saturday, March 02, 2024
Undocumented immigrants could have a new pathway to the American dream of owning a home. Assemblymember Joaquin Arambula (D-Fresno) introduced Assembly Bill 1840 last month to expand the eligibility requirement for a state loan program to clarify that loans for first-time buyers are available to undocumented immigrants. The California Dream for All Shared Appreciation Loans program that launched last March by the California Housing Finance Agency offered qualified first-time home buyers with a loan worth up to 20% of the purchase price of a house or condominium. The loans don't accrue interest or require monthly payments. Instead, when the mortgage is refinanced or the house is sold again, the borrower pays back the original amount of the loan plus 20% of the increase in the home's value. |
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More Alternate links: Google News | Twitter The original program was established in an effort to help low- and middle-income individuals buy a home, but the program doesn't address eligibility based on immigration status, Arambula said. Comments
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