{"id":519036,"date":"2026-11-05T03:38:14","date_gmt":"2026-11-05T03:38:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/519036\/"},"modified":"2026-11-05T03:38:14","modified_gmt":"2026-11-05T03:38:14","slug":"california-voters-approve-proposition-37-to-assist-homebuyers","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/519036\/","title":{"rendered":"California voters approve Proposition 37 to assist homebuyers"},"content":{"rendered":"

\"Maricela<\/a><\/p>\n

California voters approved Proposition 37 on Tuesday<\/a>, creating a loan program to help qualified buyers cover part of their down payment on newly built homes. <\/p>\n

Mortgage broker Matthew Cole said the program could provide significant benefits for buyers. <\/p>\n

“This one could be really cool, right? Anything that eliminates mortgage insurance and hopefully gives them an affordable payment. All the while, you know, hopefully these housing prices do settle down. Hopefully interest rates settle down and give these buyers even more affordable opportunity to become homeowners,” Cole said. <\/p>\n

The program will allow the state to issue up to $25 billion in bonds<\/a>, enabling qualified buyers to borrow up to 17% of a home’s purchase price. Buyers would still need to contribute at least 3% of the down payment themselves, with a primary mortgage covering the remaining cost. <\/p>\n

California Proposition 37 results<\/p>\n

Cole emphasized that the program is not free money. <\/p>\n

“Understand that there’s two mortgage payments, right? You’re still going to be responsible for the first and second loan, and you still need to repay the second loan. It’s not a free grant. It’s not free money. It’s going to be a loan based on a term and an interest rate,” Cole said. <\/p>\n

He also noted that the additional loan could help some buyers avoid private mortgage insurance, which can increase monthly housing costs. <\/p>\n

“On a conventional loan, mortgage insurance and the interest rate is drive off of a FICO score, so if a low buyer, low level, low credit buyer utilizes this loan, I think it might work out better for them than if they were to do a regular conventional loan,” Cole said. <\/p>\n

Not everyone will qualify for the program. Buyers must have been California residents for at least one year, earn no more than twice the area’s median income, and live in the home as their primary residence. The program also applies only to qualified newly built homes with certain purchase price limits.<\/p>\n

Prop 37 had no formal opposition<\/a> filed with the California Secretary of State. However, Assemblyman Carl DeMaio<\/a> opposed Proposition 37, in part because he was concerned that some of the people who qualify for the loans would not be able to afford them.<\/p>\n

See more coverage of top California stories here<\/a> | Download our app<\/a> | Subscribe to our morning newsletter<\/a> | Find us on YouTube here and subscribe to our channel<\/a> | Make KCRA a preferred news source in Google<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"California voters approved Proposition 37 on Tuesday, creating a loan program to help qualified buyers cover part of…\n","protected":false},"author":2,"featured_media":519037,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[198921,198922,198923,7,9,8,13216,6590,54523,51395,27256,11012,72456,198915,198918,198919,198917,198914,115082,185151,198920,198916],"class_list":["post-519036","post","type-post","status-publish","format-standard","has-post-thumbnail","category-california","tag-25-billion","tag-17-loan","tag-3-down-payment","tag-california","tag-california-headlines","tag-california-news","tag-california-secretary-of-state","tag-california-voters","tag-carl-demaio","tag-down-payments","tag-homebuyers","tag-housing-prices","tag-interest-rates","tag-loan-program","tag-matthew-cole","tag-median-income","tag-mortgage-insurance","tag-newly-built-homes","tag-primary-residence","tag-proposition-37","tag-state-bonds","tag-voters-approve"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/519036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=519036"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/519036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/519037"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=519036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=519036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=519036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}