New bill would allow undocumented immigrants in California to get home loans
Assembly Bill 1840 would ensure that applicants cannot be denied mortgage support on the basis of their immigration status.
California legislators are considering a bill that would prevent applicants being denied a specific housing support program solely because they are undocumented immigrants.
The state’s California Dream for All Program offers would-be house buyers a shared appreciation loan, meaning that first-time home buyers would be able to take out a loan without interest. They would simply have to pay 20% of any home value appreciation.
Assembly Bill 1840, also known as the Home Purchase Assistance Program, would ensure that potential home buyers are not disqualified because of their immigration status.
The California Dream for All program is scheduled to start tomorrow. This will give first-time buyers up to 20% for a down payment. It's a shared appreciation loan. I'm anxious to see how many buyers jump at this, and how this affects certain price ranges. https://t.co/Ypsa5jCNoW pic.twitter.com/QNBCF3K52f
— Ryan Lundquist (@SacAppraiser) March 26, 2023
How much can you receive from the California Dream for All Program?
The program is available to first-time home buyers and offers up to 20% of the purchase price, or as much as $150,000 to pay for a down payment of closing costs. In receiving the loan, applicants must also take out a 30-year fixed rate mortgage from the California Housing Finance Agency.
California Gov. Gavin Newsom has been a vocal supporter of the program, describing it as “a pathway for individuals to achieve their California dream.”
“As part of the state’s comprehensive efforts to improve affordability, build generational wealth and unlock access to housing, Dream For All is paving the way home for thousands of Californians. This program is more than just financial assistance – it’s about providing a pathway for individuals to achieve their California dream.”
Newsom has not yet indicated whether or not he would sign Assembly Bill 1840, should it pass the legislature. If the bill is signed into law undocumented borrowers would be able to apply for the loan but they would be required to have a valid Social Security number or Individual Taxpayer Identification Number. They would also be required to meet various other residency and documentation stipulations.
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