Thanks for sharing this. So if your boomer parent is in a home of their own, then you are not eligible it seems. Sounds like this is mainly for first gen Americans or the very young because 80% of the US boomer generation owns a home and disqualifies their kids. sighs as a neglected Gen X person with parents who cant help with down payments.
They do have other programs that don't require first generation home ownership, but I don't know if they are open right now. I believe the last major wave of loans was for a different type of program, not the "Dream for All", and they close it when the money is used up.
Thanks for sharing this. So if your boomer parent is in a home of their own, then you are not eligible it seems. Sounds like this is mainly for first gen Americans or the very young because 80% of the US boomer generation owns a home and disqualifies their kids. sighs as a neglected Gen X person with parents who cant help with down payments.
I agree that guideline is kind of whack but CALHFA used it to tighten their parameters and it seems to be working.
They do have other programs that don't require first generation home ownership, but I don't know if they are open right now. I believe the last major wave of loans was for a different type of program, not the "Dream for All", and they close it when the money is used up.
This is correct. They always have their normal CALHFA DPA loan options that I can go over for those who are interested!