Meanwhile, in the Democrat-run disaster that is California…
Illegal immigrants will receive interest-free home mortgage loans under a new California bill.
Democrat Assembly member Joaquin Arambula (Fresno) recently introduced Assembly Bill 1840, aiming to extend a first-time homebuyer loan program to illegal aliens.
If the bill becomes law, illegal immigrants will be eligible for a new program offering a loan worth 20% of the home’s purchase price. The loan requires no monthly payments and doesn’t accrue interest. Instead, the borrower repays the loan when they refinance or sell the property, including the original loan amount plus 20% of any increase in the property’s value.
“It’s that ambiguity for undocumented individuals, despite the fact that they’ve qualified under existing criteria, such as having a qualified mortgage,” California Democrat Joaquin Arambula said in an interview. “Underscores the pressing need for us to introduce legislation.”
The legislation passed a key Senate committee this week, bringing California one step closer to offering interest-free, zero down payment home loans to illegal immigrants.
As reported by FOX News:
A key California Senate committee advanced a bill this week that would allow migrants and illegal immigrants to use a program aimed at helping widen the swath of the population who can become a homebuyer.
The “Dream For All” shared-appreciation loan program is billed by the state as a down-payment assistance program for first-time homebuyers.
When the qualified homeowner later sells or transfers the home, the homebuyer repays the original loan’s down payment, as well as a share of the residence’s value appreciation, according to the California Housing Finance Agency (CALHFA).
In a 5-2 party-line vote, the Senate Appropriations Committee approved the bill prohibiting an applicant for “Dream For All” from being disqualified based on their immigration status.
While foreign-born individuals are able to purchase homes in the U.S. by using an individual tax identification number in the absence of a Social Security number, the bill is unique in that it helps offer the benefits of homeownership to everyone, its author said.
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