CalHFA anticipates that all funds allocated for the Forgivable Equity Builder Loan Program will be fully committed and no longer available after November 30, 2022.
All loans must be rate locked by 3 p.m. PST on November 30, 2022 or when the funds become fully committed, whichever is sooner. Only loan files with rate locks will be funded. Loan files attached to floating reservations are not committed and will be cancelled the day after the program closes.
The $88 million allocated to CalHFA by the Legislature and used for this program is expected to help over 2,000 low-income Californians purchase their first homes in less than eight months. CalHFA is extremely proud of this successful program and pleased to make such a profound difference in the lives of so many Californians who have achieved the dream of homeownership and are now on the fast track to building wealth through equity in their home.
