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California will give $250 million more in down payment assistance to first time home buyers this spring. The state will give first-time homebuyers money toward a down payment, up to 20% of the purchase price or $150,000 whichever is lower, then it will get paid back the loan plus a share of the home's appreciation whenever it sells again.
Homebuyers will have until April to find a state approved lender and start working on an application. A lottery opens early April, and buyers will have a month to submit their applications. Between 1,700 and 2,000 lottery winners will receive vouchers that they'll have 60 days to spend on a home.
If you want to apply or look into this program and apply when applications are open click here.
For more information check out OC Register.