Compare positions on Proposition 37: Creates Loan Program For Middle-income Buyers Of Qualified New Homes. Initiative Statute. in California | Change.vote
Proposition 37: Creates Loan Program For Middle-income Buyers Of Qualified New Homes. Initiative Statute.
Proposition 37: Creates Loan Program For Middle-income Buyers Of Qualified New Homes. Initiative Statute.
California could borrow up to $25 billion to offer residents meeting income rules fixed-rate second loans covering up to 17% of a newly built home's price.
A Yes vote
A No vote
Proposal impacts
Impact on First time homebuyers
First time homebuyers could borrow up to 17% of a new home's price at a fixed rate. Buyers must bring 3% themselves.
First time homebuyers today can seek a state loan covering up to 3% with a standard mortgage.
Impact on New homebuilders
New home projects could follow changed defect claim rules when builders accept higher labor standards.
New home projects today follow existing notice and repair steps for construction defects.
Impact on New home homeowners
Defect claims on homes under builder agreements would follow changed procedures for reporting construction faults.
Defect claims on homes under builder agreements today follow existing notice and repair procedures.
Impact on Contracted mortgage lenders
State loan servicing would follow agency consumer protection rules for the new home purchase loans.
State loan servicing today handles existing home purchase loans through approved private lenders.
