“California’s Dream For All Program: Apply Now for Down Payment Assistance for First-Time Homebuyers”

California’s Dream For All Program Opens Applications for First-Time Homebuyers

California’s down payment assistance program for first-time homebuyers, known as Dream For All, is now accepting applications. The state-funded program will distribute $250 million to help thousands of first-time homebuyers this year, with buyers eligible to receive up to $150,000 towards their home purchase.

To qualify for the program, applicants must meet certain criteria, including being a first-time homebuyer, a California resident, and meeting income limits specific to each county. Additionally, borrowers must have a credit score of 680 or higher and a debt-to-income ratio of no more than 45%. Those who have been in foster care are also eligible to apply.

The program offers a shared appreciation loan of up to 20% of the home’s purchase price or a maximum of $150,000, which can be used for down payment, closing costs, or a first-time mortgage. If the home appreciates in value when sold, borrowers will be required to pay back the loan plus a percentage of the appreciation.

Applications for the Dream For All program are open online until April 29, with winners selected through a lottery system. Chosen applicants will have 90 days to find a home, enter into a purchase contract, and reserve the loan through CalHFA’s Mortgage Access System.

The program first launched in March 2023 and quickly ran out of funds due to high demand. Interested applicants are encouraged to apply early and seek guidance from CalHFA Approved Lenders or HUD-approved housing counselors.

For more information and to apply, visit the California Housing Finance Agency’s website.