09/18/2026
California: Prop 37 $25B Down Payment Loans
As someone who's worked with Bay Area buyers for over eighteen years, I’ve seen firsthand how challenging it can be to save for a down payment—especially here in California. A new ballot measure is proposing a $25 billion bond-backed loan program that could help residents finance up to about 17% of their down payment on new homes. Buyers would still need to contribute at least 3% themselves, with a primary mortgage covering the remaining 80%. To put this in perspective: purchasing an average home in Sacramento County could require around $16,000 saved, while a typical San Francisco home would need about $42,000 upfront. This initiative is aimed at new homes from qualifying builders and is designed to help renters step into homeownership, while also supporting the growth of middle-class housing across the state. There was no formal opposition filed in the voters’ guide, though some concerns have been raised about borrower risk and the program’s requirements for builders. It’s an interesting development for those keeping an eye on new paths to homeownership in California.
