Will Newsom Sign the Bill? California Democrats Are Close to Passing New Law That Gives Illegal Aliens $150,000 Interest-Free Mortgage Loans
California’s Democrat lawmakers are about to advance a bill that would give illegal aliens $150,000 interest-free home mortgage loans.
Illegal aliens will get zero down payment, interest-free home mortgage loans under a new California bill.
Democrat assemblymember Joaquin Arambula (Fresno) recently introduced Assembly Bill 1840 to extend a first-time homebuyer loan program to illegal aliens.
If the bill becomes law, illegal aliens will be eligible for a new program that offers a loan worth 20% of the purchase price of the residential property. There are no monthly payments and no interest accrues on the loan. Rather, the loan is paid back when the borrower refinances or sells the property. The borrower will have to pay back the original loan plus a 20% increase in the value of the property.
“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 last week so California is one step closer to giving illegal aliens interest free home loans with zero down payment.
California’s governor Gavin Newsom hasn’t said whether he will sign the bill.
Fox News reported:
Lawmakers in California could soon make the Golden State the first in the country to make undocumented immigrants eligible for up to $150,000 in state-supported home loans.
The Democratic supermajority in the California state legislature is likely to pass a measure this week that would make undocumented immigrants eligible for the “California Dream for All” loan program, a state-funded program that provides 20% in down payment assistance up to $150,000, according to a report for Politico.
Participants in the program must be first-time homebuyers, and at least one must be a first-generation homebuyer, while income levels must be below certain limits depending on the county where the recipient lives.
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