California officials said they were being forced to pause a new mortgage relief program for first-time home buyers less than two weeks after it began, because of overwhelming demand. State officials thought funding would last months.
Officials believed the $300 million allotted for the program could keep it going for months, according to loan officers who attended agency presentations.“Demand for the program was unprecedented, and we’ve put a pause on our lending as of this morning,” California Housing Finance Agency spokesman Eric Johnson said via email Friday.“All loans must be rate locked no later than 3 p.m.
Affordable housing is notoriously hard to come by in California, and the new program gave buyers a substantial boost in purchasing power. Also, housing prices have finally begun to drop, drawing buyers into the market despite
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