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California Prop 37 passes: up to 17% loans for new-home buyers

Published · Homebuyer update · By the DPA Finder editorial team

Voters approved a $25 billion CalHFA bond for fixed-rate loans of up to 17% of a qualifying new home's price, by early counts. It isn't open yet.

CBS News and the AP projected on election night, November 3, 2026, that California voters approved Proposition 37, with about 61% voting yes. Counties are still counting, and the Secretary of State certifies the result later.

According to the official title and summary, Prop 37 lets the California Housing Finance Agency (CalHFA) sell up to $25 billion in revenue bonds to offer fixed-rate loans of up to 17% of the purchase price of a "qualified new home": new construction or the first sale of a converted nonresidential building, priced below about $1 million to $1.5 million depending on the county, adjusted each year.

Buyers must have lived in California for at least one year, live in the home, earn less than twice the area median income, and put at least 3% down. It's a loan repaid with monthly payments, not a grant, and the Legislative Analyst's Office expects no direct state or local cost because homeowners' payments repay the bonds.

No application date, rate or term has been announced; CalHFA must sell bonds and write the rules first. Our new California Prop 37 calculator shows the most the loan could cover on a given price and checks the income and price rules. Programs open today are on the California page.

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