Illegal aliens will get interest-free home mortgage loans under a new California bill.
Democrat assemblymember Joaquin Arambula (Fresno) recently introduced Assembly Bill 1840 to extend a first-time homebuyer loan program to illegal aliens.
If the bill becomes law, illegal aliens will be eligible for a new program that offers a loan worth 20% of the purchase price of the residential property. There are no monthly payments and no interest accrues on the loan. Rather, the loan is paid back when the borrower refinances or sells the property. The borrower will have to pay back the original loan plus a 20% increase in the value of the property.
“It’s that ambiguity for undocumented individuals, despite the fact that they’ve qualified under existing criteria, such as having a qualified mortgage,” California Democrat Joaquin Arambula said in an interview. “Underscores the pressing need for us to introduce legislation.”
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