This New California Program Is Helping First-Time Homebuyers!

Buying a home comes with many obstacles but there is a new California program that is going to help first-time homebuyers when it comes to the down payment.

The California's Forgivable Equity Builder loan will allow first-time homebuyers to borrow up to 10% of the home's purchase price to buy the house outright. The loan will have a zero percent interest rate but you must occupy the home for at least five years or you may have to repay the loan.

The first-time homebuyer program can be applied to single-family, one-unit residences, manufactured housing, planned urban development homes, and then some guest houses, granny units and in-law quarters can be eligible.

For more information on the program, you can visit CalHFA or CBS News for more.

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