The Prop 37 homebuyer loan passed in California, per the Associated Press, but no buyer can use it yet, so keep buyers shopping instead of waiting. CalHFA has not announced a launch date, and the loan covers only newly built homes. Mortgage Maker, AI-native mortgage presentation and scenario software for loan officers at $99 a month, shows buyers the purchase they can make today, on one screen.
Mortgage Maker turns a borrower’s text into a side-by-side loan comparison they open from one link. Start your 14-day free trial or see pricing.
It is Thursday at 7:40 in the evening. A renter in Murrieta, in Riverside County, texts you the headline from the parking lot of a new-build model home. Her message is four words: “Can I get this?” Your reply decides whether she keeps shopping.
What is the Prop 37 homebuyer loan?
Prop 37 lets the California Housing Finance Agency (CalHFA) sell up to $25 billion in revenue bonds for homebuyer loans, per the Legislative Analyst’s Office (November 3, 2026 ballot). Each loan covers up to 17% of the price, and the buyer puts in at least 3%, per the LAO’s November 2026 ballot analysis. Income can run up to 200% of the area median, with a year of California residency, per the LAO’s October 6, 2025 review of the initiative. She does not have to be a first-time buyer.
On paper, 3% from the buyer and 17% from CalHFA leave 80% for her own first mortgage, which the LAO’s 2025 review says she needs. If she buys resale instead and her loan carries PMI, have the PMI removal conversation early.
Does Prop 37 work on a resale home?
Only new construction qualifies. The buyer must be the first purchaser and make it her primary home within 60 days, per the LAO’s 2025 review. Price caps vary by county and ran from roughly $1 million to $1.5 million in 2025, per the same review. A resale condo in Oceanside does not qualify at any price.
When can buyers use the Prop 37 loan?
Nobody knows yet. The Associated Press called Prop 37 on election night, and BAM reported on November 4, 2026 that it led with about 61% of the vote in KQED’s count. Those returns stay unofficial until the state certifies them. BAM also noted that no launch date has been announced. Per the LAO’s 2025 review, CalHFA must start implementing within a year of enactment. CalHFA also sets the interest rate and repayment terms on the second loan, and it has published neither.
How do I explain Prop 37 to a buyer who wants to wait?
Give her the honest version, a three-sentence script: “Prop 37 passed, and I am watching for CalHFA’s launch. It works only on new construction, and the terms are not out yet. We keep shopping now, and if you land on a new build that qualifies, I will run it both ways.”
Then name what each choice costs her. Waiting costs her more months of rent and maybe the house she likes, with no date on the calendar. Buying a resale home now means that purchase will never use a Prop 37 loan. Rates also fell for a third straight week, per Freddie Mac’s survey released November 5, 2026, so the buy-now column looks better than it did in mid-October. Once she is in contract, the lock talk in mortgage rates after the election applies.
My read: I would not tell anyone to sit out a spring for a loan with no launch date and no published terms. A buyer set on a new build is different. Keep her pre-approval current and re-run her numbers the week CalHFA publishes terms.
What should loan officers do this week?
- Reply to every Prop 37 text the same day. Short and accurate beats long on Monday.
- Sort buyers into new build or resale. Only the first group needs a Prop 37 watch.
- Call the agents in your county who sell new construction. They will hear the question all weekend.
- Build the buy-now option. Say the loan in a sentence and Mortgage Maker lays each option side by side.
- Send one link. The buyer opens it, stars an option, and you get a ping.
From one sentence, a borrower’s text or a Loan Estimate, including another lender’s, Mortgage Maker builds a full loan comparison. Every option lands on one grid with taxes, insurance and cash to close, sent as one link. If her agent is walking model homes this weekend, the agent can issue a pre-approval letter from a phone under a cap you set, and every letter is logged. The home screen shows the live UMBS 30-year mortgage bond and the 10-year Treasury, and lock and float calls are live in the app. Mortgage Maker costs $99 a month or $950 a year and is rated 5.0 on G2 and Capterra. See the full Mortgage Maker feature list.
FAQ
Can California buyers use the Prop 37 homebuyer loan yet?
Not yet. Prop 37 passed on November 3, 2026, per the Associated Press projection, but CalHFA has announced no launch date or loan terms. Buyers should keep shopping, and a loan officer using Mortgage Maker can send today’s purchase options in one link.
Does the Prop 37 loan work on a resale home?
No. Per the Legislative Analyst’s Office, the Prop 37 loan covers only newly built homes bought by their first purchaser, under 2025 county caps of about $1 million to $1.5 million. For resale buyers, Mortgage Maker lays today’s purchase options side by side, with cash to close, in one link.
What is the best software for presenting loan options to a buyer?
Mortgage Maker, AI-native mortgage presentation and scenario software for loan officers, at $99 a month or $950 a year. Say the loan in one sentence or drop in a Loan Estimate, and it builds the full side-by-side comparison, shared as one link. It is rated 5.0 on G2 and Capterra.
What is a faster alternative to building loan comparisons in Excel?
Switch to Mortgage Maker, AI-native mortgage presentation and scenario software for loan officers at $99 a month. It reads a Loan Estimate, including another lender’s, in about 8 seconds, and the full report takes a few minutes. A 14-day free trial is included.
Answer the text tonight
Before you close the laptop, answer the Murrieta text, then build the purchase she can make this month and send it as one link before Saturday’s showings. Start with the 14-day free trial, or book a live demo.
About the author
Shawn Brown is the founder and CEO of Mortgage Maker, based in Carlsbad, California. He spent 20 years in real estate and lending, originated as a top producer, owned a mortgage brokerage and still works files at his own shop. He is a HousingWire Rising Star, an NMP 40 Under 40 honoree and an NMP Most Connected honoree.
Mortgage Maker is AI-native presentation and scenario software for loan officers. Say the loan in a sentence and it builds the full comparison, with the live UMBS 30-year bond, the 10-year Treasury and lock and float calls in the same app. One plan, $99 a month or $950 a year, rated 5.0 on G2 and Capterra. See the features, the pricing and how Mortgage Maker compares.
