redstate.com By Ward Clark
There used to be a saying: “As goes California, so goes the nation.” Bear in mind that the first time I remember hearing that the Governor of California was a man named Ronald Reagan, you may have heard of him. These days, we should be terrified at the very idea of California taking its fiscal train-wreck policies on the road. Under the current governor, the impeccably coiffed Gavin Newsom, California has gone from a state with a budget surplus to facing almost $70 billion in debt. Yes, that’s “billion” with a “B.”
The program will provide a loan of up to 20% of the purchase price of a home or a maximum amount of up to $150,000. The money can be used to help finance a down payment, closing costs or a first-time mortgage.
For example, if you bought a $500,000 home, you’d receive 20%, or $100,000, to help with your down payment and closing costs.
If you sell the home in the future, you’ll be required to pay back the 20% loan, plus 20% of the home’s appreciation.
For example, if the $500,000 home sells for $700,000, there is a $200,000 appreciation. You would owe 20% of that — or $40,000 — in addition to the original loan.
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