SACRAMENTO, Calif. – Lots of people will want to get in on this one: California is going to use federal money to pay down the mortgages of struggling homeowners.

The California Housing Finance Agency announced Wednesday that it will spend $420 million to trim individual mortgages by up to $50,000. Lenders will be asked to match the amount, a deal that could make thousands of mortgages newly affordable.

The program, launching Nov. 1, will be on a first-come, first-served basis.”

“Unfortunately, there will likely be more demand than funding,” said CHFA’s Evan Gerberding.

Specifics on the selection process are still in the works. But the state will exclusively fund applicants from low- to moderate-income households. In Sacramento, for example, that’s expected to mean people earning less than $68,000 a year. Borrowers will have to be delinquent or in imminent danger of defaulting, but have adequate income to continue paying after getting the help.