Who is eligible to apply for California Dream for All?

California Dream for All is back for another round of funding, but this year, there are some changes to the eligibility requirements that potential applicants need to be aware of.

To be eligible for the California Dream for All program, applicants must be California residents who are either citizens, permanent residents, or otherwise defined as a “Qualified Alien.” Additionally, applicants must be first-time home buyers, with at least one person on the application being a first-generation home buyer. This means their parents do not currently own a home in the United States. Applicants who have ever been in foster care also qualify for the program.

Income limits have also been adjusted this year, with residents making up to 120% of the area’s median income now eligible to apply. Income limits vary by county, ranging from $132,000 in some rural areas to $287,000 in Santa Clara County.

Applicants must also have a credit score of 680 and a debt-to-income ratio of no more than 45% to qualify for the program. To apply, applicants must find a CalHFA-approved lender offering the California Dream for All program and get pre-approved. The online application portal will open on April 3 and close on April 29.

Selected applicants will need to complete a home-buyer education course and a course on shared appreciation mortgages before finding a home and entering into a contract to purchase it. Loans will be distributed through a lottery system this year, rather than on a first-come, first-served basis.

If you’re interested in applying for the California Dream for All program, make sure to review the eligibility requirements and prepare your application before the deadline in April.