California Dream for All loan program helps first-time homebuyers with down payments

The California Housing Finance Agency has launched a new program called the California Dream For All Shared Appreciation loan program to help first-time homebuyers with down payments. With housing costs soaring and high-interest rates, buying a home can seem out of reach for many. However, this program aims to make the process easier for low and moderate-income individuals.

The program provides first-time buyers with 20% of the home’s cost to assist with the down payment. When the homeowner sells the house, the state receives a portion back, which is then used to help the next first-time buyer. This cycle continues to support new buyers in achieving their dream of homeownership.

Eric Johnson, a spokesperson for the program, highlighted the significance of this initiative, stating that the down payment is often a significant hurdle for many potential buyers. The program aims to provide financial assistance to those who may struggle to save up a large sum for a down payment, ultimately helping them transition from renting to owning a home.

The state plans to allocate $300 million in payments to assist 2,300 first-time buyers. The program has already made a positive impact, with $100 million being utilized as of March 30. Applications for the program are still being accepted, offering hope to individuals looking to purchase their first home in California.