California Legislature Allows Undocumented to Get Free $150K Home Down Payments

The California legislature passed a bill allowing undocumented immigrants to make use of the state’s $150,000, 0 down, 0 interest home “loans.” The bill now goes to the governor’s desk, where he must either veto or approve the bill by the end of September. California has one of the worst home shortages in the nation, with an estimated 4.5 million home shortage, and a nearly $1 million median home price. California’s Dream for All Shared Appreciation Loans program allows applicants to secure “loans” of up to $150,000 or 20% of the home’s purchase price — or, about what a typical down payment is — with zero down payment on this state “loan,” and no payments. In exchange, the state receives the original loan amount plus 20% of the appreciated gain when the home is refinanced, sold, or transferred.