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Undocumented immigrants in California may soon have a new route to purchasing a home
Undocumented immigrants in California may have a new opportunity to achieve the American dream of owning a home. Assemblymember Joaquin Arambula (D-Fresno) recently introduced Assembly Bill 1840 to expand eligibility for a state loan program, making it clear that loans for first-time buyers are accessible to undocumented immigrants.
The California Dream for All Shared Appreciation Loans program, launched by the California Housing Finance Agency last March, provides qualified first-time home buyers with a loan worth up to 20% of the purchase price of a home or condominium. These loans do not accrue interest or require monthly payments. Instead, when the mortgage is refinanced or the property is sold, the borrower repays the original loan amount plus 20% of the increase in the home’s value.
This program was originally created to assist low- and middle-income individuals in purchasing a home, but it did not address eligibility based on immigration status, according to Arambula. “The ambiguity for undocumented individuals, despite meeting other criteria like having a qualified mortgage, highlights the need for us to introduce this legislation,” he stated in an interview.
If Assembly Bill 1840 is approved, it will redefine “first-time home buyer” to include undocumented immigrants. Without this clarification, undocumented individuals might be deterred from participating in the program. Arambula emphasized that homeownership has historically been a key way to build wealth in the U.S. and that these social and economic benefits should be accessible to all.
Last year, the California Dream for All Shared Appreciation Loans program reached its application capacity of approximately 2,300 applicants in just 11 days, leading to a temporary halt in the program. This year, the program will utilize a lottery system instead of the previous first-come, first-serve basis. Interested individuals can now submit their applications, with the lottery scheduled for April.
Additionally, there have been changes to the program’s income eligibility criteria. Previously set at 150% of a county’s median area income, the threshold has been reduced to 120%. This means that applicants must earn below the specified threshold annually to qualify for the program. For instance, in Los Angeles County, the income threshold is $155,000.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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