Proposition 37: 17% Second Mortgage

California may soon see a new path to homeownership for buyers of certain newly built homes—Proposition 37 introduces a state-backed second mortgage, designed to help more families cross the threshold. With buyers contributing at least 3% upfront, this program could provide up to 17% of the purchase price, so together with your own savings, you’d reach the key 20% mark while the primary mortgage covers the remainder. The state plans to issue up to $25B in revenue bonds, with homeowners’ loan payments supporting investors and the program itself. What stands out to me is how this addresses a real hurdle many face—especially in California, where even families who can manage the monthly payments often struggle to gather enough for the down payment, a challenge that’s particularly acute for Latino households. On November 3, 2026, voters will decide if this innovative, loan-based approach is the right next step for our communities. As a Realtor committed to helping you navigate every stage of your real estate journey, I’m watching this closely—because finding creative ways to unlock new beginnings is at the heart of what I do.