California Forgivable Equity Builder Loan Checklist

A step-by-step checklist for consumers applying for the California Forgivable Equity Builder Loan in 2025.

Verify Your Eligibility

Ensure your household income is below the program’s maximum limit, which varies by county and family size.
Confirm that your credit score meets the minimum requirement, typically 640 or higher, with additional conditions outlined by your assigned Loan Officer.
Verify that the property you plan to purchase is within the program’s price limits and will serve as your primary residence.
Review other eligibility requirements, such as being a first-time homebuyer or meeting residency qualifications.

Collect proof of income, such as recent pay stubs, W-2s, or other income verification documents.
Gather your tax returns for the last two years, including all associated schedules.
Obtain bank statements from the past two to three months for all financial accounts.
Prepare property details, including the address, purchase agreement, and sale price.
Compile any additional documents requested by your Loan Officer, such as verification of assets, liabilities, or other financial records.

A Loan Officer has been assigned to guide you through the California Forgivable Equity Builder Loan process.
Schedule a meeting or call with your Loan Officer to review the program’s requirements, confirm your eligibility, and discuss the next steps.
Ask any questions about the program benefits, documentation process, or timeline for approval.
Follow the instructions provided by your Loan Officer to gather and submit all required documentation promptly.

Collaborate with your Loan Officer to accurately complete your application for the Forgivable Equity Builder Loan.
Submit all required documents to verify your eligibility for the program.
Review the application with your Loan Officer to ensure it is complete and free of errors before submission.
If necessary, attend a homebuyer education course to fulfill the program’s requirements.

Sign all necessary documents provided by your Loan Officer to secure your participation in the program.
Prepare for any additional costs not covered by the program, such as closing fees or prepaid expenses.
Receive confirmation of your enrollment and detailed information on how the assistance will be applied to your mortgage.

Ensure the purchased property remains your primary residence for the duration required by the program, typically five years for full loan forgiveness.
Notify your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as these actions may impact your eligibility for forgiveness.
Stay informed of any program updates or changes to maintain compliance and retain your benefits.