California Prop 37 Second-Mortgage Program

California voters will decide in Late-Fall whether to create a second-mortgage program for eligible middle-income buyers, funded by $25M in bonds through the housing agency.
Eligible buyers would need one year of California residency, primary-residence occupancy within 60 days, income at or below 200% of area median, and 3% down.
Qualified homes would include new single-family properties, townhomes, row houses, condos, or converted buildings, with second mortgages capped at 17% and first mortgages covering costs.
Supporters say the measure could expand ownership and encourage new housing, while critics warn monthly second-mortgage payments and eligibility rules may limit help for buyers.
A yes vote would establish the program and authorize up to $25M in bonds; a no vote would reject the second-mortgage proposal.