California Moves Toward Zero-Down-Payment Mortgages for Illegal Immigrants

[AMart]

Are we getting the message yet kiddos? Disgusting.

ACalifornia bill that would aid undocumented migrants on the path to home ownership has advanced in the state's legislature.

Democrats on the California Senate Appropriations Committee last week unanimously approved AB 1840, a bill that would amend the California Dream for All Shared Appreciation Loan program by preventing it from denying prospective homeowners based on their immigration status.

The program was launched in 2023 and gives first-time homebuyers in the Golden State a loan of up to 20 percent of the home's purchase price to be used as a down payment.

More From Newsweek Vault: How to Get a Mortgage With No Money Down

The bill will effectively allow migrants to buy homes without having to save for years to fund a down payment, which is almost always required by financial firms providing mortgages...........................................................................................................................

California moves toward zero-down-payment mortgages for migrants

Undocumented migrants could get extra help with buying their first homes if the legislation passes.

www.newsweek.com

 

[jbrownson0831]

Are we getting the message yet kiddos? Disgusting.

ACalifornia bill that would aid undocumented migrants on the path to home ownership has advanced in the state's legislature.

Democrats on the California Senate Appropriations Committee last week unanimously approved AB 1840, a bill that would amend the California Dream for All Shared Appreciation Loan program by preventing it from denying prospective homeowners based on their immigration status.

The program was launched in 2023 and gives first-time homebuyers in the Golden State a loan of up to 20 percent of the home's purchase price to be used as a down payment.

More From Newsweek Vault: How to Get a Mortgage With No Money Down

The bill will effectively allow migrants to buy homes without having to save for years to fund a down payment, which is almost always required by financial firms providing mortgages...........................................................................................................................

California moves toward zero-down-payment mortgages for migrants

Undocumented migrants could get extra help with buying their first homes if the legislation passes.

www.newsweek.com

They should be deported not housed.

 

[Fort Fun Indiana]

Are we getting the message yet kiddos? Disgusting.

ACalifornia bill that would aid undocumented migrants on the path to home ownership has advanced in the state's legislature.

Democrats on the California Senate Appropriations Committee last week unanimously approved AB 1840, a bill that would amend the California Dream for All Shared Appreciation Loan program by preventing it from denying prospective homeowners based on their immigration status.

The program was launched in 2023 and gives first-time homebuyers in the Golden State a loan of up to 20 percent of the home's purchase price to be used as a down payment.

More From Newsweek Vault: How to Get a Mortgage With No Money Down

The bill will effectively allow migrants to buy homes without having to save for years to fund a down payment, which is almost always required by financial firms providing mortgages...........................................................................................................................

California moves toward zero-down-payment mortgages for migrants

Undocumented migrants could get extra help with buying their first homes if the legislation passes.

www.newsweek.com

We already see such mortgages offered to Americans.

They are more reasonable to offer, in such a rising price environment. A mortgage that started at 100% LTV 5 years ago may be at 66% LTV, now.

 

[EvilCat Breath]

It's a scam. It's designed to upend the inflated property values so that developers can buy property for land value only.

 

[Rambunctious]

It will destroy the CA housing sector.... then it will crash the banks like in 2008.... junk bonds anyone????
Don't be a fool democrats... even voting for Trump is better than all of that....

 

[shockedcanadian]

Are we getting the message yet kiddos? Disgusting.

ACalifornia bill that would aid undocumented migrants on the path to home ownership has advanced in the state's legislature.

Democrats on the California Senate Appropriations Committee last week unanimously approved AB 1840, a bill that would amend the California Dream for All Shared Appreciation Loan program by preventing it from denying prospective homeowners based on their immigration status.

The program was launched in 2023 and gives first-time homebuyers in the Golden State a loan of up to 20 percent of the home's purchase price to be used as a down payment.

More From Newsweek Vault: How to Get a Mortgage With No Money Down

The bill will effectively allow migrants to buy homes without having to save for years to fund a down payment, which is almost always required by financial firms providing mortgages...........................................................................................................................

California moves toward zero-down-payment mortgages for migrants

Undocumented migrants could get extra help with buying their first homes if the legislation passes.

www.newsweek.com

 

[Rambunctious]

I smell huge lawsuits and a trip to the supreme court....

 

[Rambunctious]

The down payment doesn't just disappear so who pays it?....

 

[Concerned American]

Are we getting the message yet kiddos? Disgusting.

ACalifornia bill that would aid undocumented migrants on the path to home ownership has advanced in the state's legislature.

Democrats on the California Senate Appropriations Committee last week unanimously approved AB 1840, a bill that would amend the California Dream for All Shared Appreciation Loan program by preventing it from denying prospective homeowners based on their immigration status.

The program was launched in 2023 and gives first-time homebuyers in the Golden State a loan of up to 20 percent of the home's purchase price to be used as a down payment.

More From Newsweek Vault: How to Get a Mortgage With No Money Down

The bill will effectively allow migrants to buy homes without having to save for years to fund a down payment, which is almost always required by financial firms providing mortgages...........................................................................................................................

California moves toward zero-down-payment mortgages for migrants

Undocumented migrants could get extra help with buying their first homes if the legislation passes.

www.newsweek.com

Gee, what could go wrong. Median home price in CA is ~900K. What job could an illegal immigrant have that would support the payment on even a 320K primary loan plus an 80K second. Can you say Fannie Mae/Freddie Mac home loan debacle that lead to the housing crash of the early 2000s. SMH. These stupid democrats don't have a clue. Communism doesn't required repayment, eh?

 

[Fort Fun Indiana]

It's a scam. It's designed to upend the inflated property values so that developers can buy property for land value only.

This is nonsensical. If anything, this will drive up prices, as more buyers can enter the marketplace

 

[Fort Fun Indiana]

The down payment doesn't just disappear so who pays it?....

The homebuyer. It's a loan.

 

[22lcidw]

There was an article the other day for a push to 40-year mortgages from 30-year mortgages also.

 

[EvilCat Breath]

This is nonsensical. If anything, this will drive up prices, as more buyers can enter the marketplace

Yep it will. After the invaders turn the homes into derelicts, the bottom will fall out of THOSE homes, even as the prices for decent homes goes up. Probably more since the market will have contracted.

If you don't believe me, you have never been in a home formerly occupied by an invader and "guests".

 

[EvilCat Breath]

The homebuyer. It's a loan.

No one. It just rides along until the property is sold or refinanced. Not when it's inherited. So it might not ever be repaid.

 

[Fort Fun Indiana]

Yep it will. After the invaders turn the homes into derelicts, the bottom will fall out of THOSE homes, even as the prices for decent homes goes up. Probably more since the market will have contracted.

Your goofy racist fantasies are not compelling.

 

[Fort Fun Indiana]

No one. It just rides along until the property is sold or refinanced

And is then paid by proceeds from the sale or the refinance. So you're wrong.

 

[EvilCat Breath]

Your goofy racist fantasies are not compelling.

Ohhh it's DE WAYYYCCCCIIIISSSS. Gud Lub Does WQAYYYCCCIIISSS

 

[Fort Fun Indiana]

Ohhh it's DE WAYYYCCCCIIIISSSS. Gud Lub Does WQAYYYCCCIIISSS

There you go. Stay on your lane (low IQ tantrums), and stop talking about things you don't know anything about .

 

[EvilCat Breath]

And is then paid by proceeds from the sale or the refinance. So you're wrong.

No. I'm right. The loan is repaid when the home is sold or refinanced. It is not repaid if transferred by inheritance. The loan simply rides along on the title to be repaid when sold or refinanced. Unlike Property taxes which get reassessed upon any kind of title transfer.

 

[Fort Fun Indiana]

The loan is repaid when the home is sold or refinanced.

That's the borrower, repaying the loan. I really can't dumb this down any further for you.