The Forgivable Equity Builder Loan Program has been extremely successful, helping more than 1,000 low-income Californians become homeowners so far. Of the $88 million allocated by the Legislature for the program, two-thirds has been committed.

We are keeping a close watch on the rate at which the funds are being disbursed and will let you know once we determine the need to halt reservations. The safest course at this time is to lock your rate as soon as you comfortably can while following CalHFA guidelines, since funds attached to floating rates are not yet committed. 

The funding source for this program is separate from other CalHFA programs, so it's important to note that this message refers only to the Forgivable Equity Builder Loan program and does not in any way have an effect on the rest of CalHFA’s loan programs.

Keep an eye on your email for future updates on this and other programs, and thanks for working with CalHFA.