In Californiahe access to housing It is a challenge, especially for undocumented immigrants. However, a new legislative initiative seeks to change this reality by allowing certain immigrants to apply home purchase loans.
According to the criteria of
This program offers a shared appreciation loan covering up to 20 percent of the purchase price of a home, with a maximum of US$150,000. This means that you will not pay interest on this loan: swill only return the original amount and 20 percent of any increase in property value.
The objective is facilitate the entry of Californians into the real estate marketallowing those who meet the requirements, regardless of their immigration status, to access a home of their own. To apply to the program, It is essential that you meet certain criteria:
- Social Security Number or ITIN: You must have a valid Social Security number or Individual Taxpayer Identification Number (ITIN).
- Legal documentation: Although it is not necessary to be a citizen, you will be required to present some type of documentation confirming your residency and tax status.
- Home loan: This shared appreciation loan must be tied to a 30-year fixed-rate mortgage offered by CalHFA.
The program was designed to ensure that Those who pay taxes in California can also access the benefits that the state offers. To start your application, follow these steps:
- Initial investigation: Visit the CalHFA website to familiarize yourself with program details and specific requirements.
- Consult an advisor: Consider speaking with a mortgage advisor or housing professional who is familiar with the Dream For All program. They can guide you through the application process and help you gather the necessary documentation.
- Apply for the loan: Complete the loan application through the CalHFA portal. Be sure to provide all required information to avoid delays in the process.
- Wait for approval: Once your application has been submitted, the CalHFA team will review your case and notify you of approval or any additional information needed.
The program was designed to ensure that those who pay taxes in California can also access the benefits that the state offers
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Consequences of being undocumented in the US
Although the project has not yet been approved, it is important to mention that Being undocumented can have multiple legal and social consequences.. Firstly, the lack of a regularized immigration status limits access to certain rights and benefitsincluding healthcare and education. Also there is a risk of deportationwhich can generate instability in the affected communities.
