🔥✨ BREAKING NEWS! THE 20% EQUITY SHARING PROGRAM HALTS! ✨ 🔥
👉 Due to the overwhelming popularity of this unprecedented program, CALHFA anticipates the full $300M will be fully committed by April 10th.
Unless a buyer has rate-locked by April 12, the program expects the fund to be committed and no longer available for new applicants. This practically means, you must be in contract and able to lock your rate in order for you to be get the commitment before the funds are expected to be depleted next week. Possible for those who have been working on this already. Not a realistic possibility for those who are just staring the process. 😭
This was a first come, first served basis program. No one anticipated the speed at which the funds would be depleted. $300M in two weeks! Sad news for all those who were looking forward to getting the assistance from the program.
This is an indication of the outstanding demand out there for people who want to be homeowners and who need assistance with the downpayment.
Hopefully a similar program will be made available, seeing how popular this particular program was this time around.
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