Historic $25B loan fund to rescue cash-strapped California homebuyers is approved —but nobody knows how it works

Source: New York Post

Californians have approved a new homebuying assistance program that will let people purchase newly built homes with just 3% down instead of the standard 20%. The Associated Press called the vote for Proposition 37 Tuesday night after 60% of Californians voted “Yes. ” The ballot measure would have the California Housing Finance Agency borrow as much as $25 billion from private investors and loan it to middle-class Californians who can afford the monthly payments to buy a home but don’t have the cash for a 20% down payment.