borrower can obtain the gift option which means no repayment at all (forgiven).
soft second which means no payments but will need to be in the home min 3 years to be forgiven.
a 2nd mortgage is giving for the down payment amortized over 30 years like any 2nd lien.
The State of California will allocate some of the funds for Gift Option, and some of the funds for Soft Seconds. Typically the gift funds get used first, so apply now!
Here are the Income restrictions for these counties in California.
Los Angeles $71,760
San Diego $84,525
One of the biggest hurdles to purchasing your first home is the down payment. The Repayable option gives you the option to finance your down payment!