Down payment assistance for homebuyers relaunches with new lottery

California is increasing down payment assistance for first-time homebuyers by $250 million. Changes to the program include a lottery system instead of first-come, first-serve, and a focus on reaching a more diverse group of borrowers. The program aims to help those with steady income and decent credit scores, and has income eligibility thresholds. The state is also planning an outreach campaign to inform potential homebuyers about the program.

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