A Santa Barbara Congressman has introduced legislation to try to help first-time homebuyers. It’s a proposal to create a federal pilot program to provide help with down payments.
The idea is that while some people can afford monthly payments, they can’t come up with the upfront down payment money.
The plan calls for eligible first-time buyers to receive a loan for the down payment. When they sell the home, they’ll have to pay back the loan, as well as a percentage of the appreciation of the home’s value.
Democratic Rep. Salud Carbajal of Santa Barbara introduced the legislation. He said the dream of home ownership has become increasingly difficult to realize for would-be first-time buyers.
