CA Forgivable Equity Builder: 10% downpayment assistance!

Home Equity Builder loan

Forgivable Equity Builder loan

STATEWIDE – The California Housing Finance Agency announced, Tuesday, a new program to help first-time home buyers get into a home. The Forgivable Equity Builder Loan provides homebuyers a forgivable loan up to 10% of the purchase price to use for the down payment.

The loan is available to middle-income families making less than 80% of their county’s annual median income. The 80% median income limit for San Bernardino county is $62,000.

Forgivable Equity Builder loan requirements

The loan is forgivable if the homebuyer occupies the home for 5 years. Non-occupant co-borrowers are not allowed. Single-family, one-unit residence, and condominiums are eligible properties. Guest houses, granny units and in-law quarters may also be eligible.

CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.

California Housing Price Increase

In March 2022, the median price in all the major regions of California continued to grow on a year-over-year basis, with all of them increasing by double-digits and four of them reaching a new record high.

According to Zillow, the average home price in Victorville is $406,826 — up 28.5% from last year.

The Forgivable Equity Builder loan is 0% interest although a portion of the loan will have to be paid back if the home is occupied for less than five years.

For more information about the Forgivable Equity Builder loan visit