MAKING YOUR NEXT MOVE, YOUR BEST MOVE!
Real Estate with Nina Brown
DREAM FOR ALL
Dream For All is a California statewide down payment assistance program designed to help first-time, first-generation homebuyers achieve homeownership. The program provides a shared appreciation loan, used in combination with the Dream For All Conventional first mortgage, to assist with down payment and/or closing costs.
PROGRAM HIGHLIGHTS
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Offers up to 20% for down payment or closing costs, not to exceed $150,000
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Homebuyer must register for a voucher. A randomized drawing will select registrants who will receive the voucher. This will not be first come, first served.
ELIGIBILITY
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One borrower must be a first-generation homebuyer.
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One borrower must be current resident of California.
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All borrowers must be first-time homebuyers.
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Income must meet CalHFA Income Limits for the county you are purchasing in.
WHAT YOU WILL NEED TO APPLY
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California Dream For All (DFA) Lender Pre-Approval Letter
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Government ID: Passports, driver’s license, state-issued ID, military ID, permanent residence cards, visas or employment authorization documents
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Foster care documentation (if applicable): Foster Care Verification Form/Letter or court documents
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The DFA Voucher application will require information for both parents of the designated first-generation borrower(s) including:
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Name
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Date of birth
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Date of death (if applicable)
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Current address
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Proof of parent relationship
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Birth Certificate
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Adoption papers
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Sign up for our enews to get updates
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UNDERSTANDING SHARED APPRECIATION
Shared Appreciation is a little more complex than a typical mortgage loan, so CALHFA has put together a few examples for you.
Borrower is a moderate-income homebuyer
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Dream For All provides a loan for 20% of the home purchase price.
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The homeowner pays back the original loan amount plus 20% of any appreciation in the value of the home.
Borrower income less than or equal to 80% AMI using the HomeReady Lookup Tool
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Reduced (0.75:1) program appreciation share
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Program appreciation share is equal to 0.75 times the Shared Appreciation Loan Amount (i.e., the original principal amount) as a percentage of the home value
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Dream For All provides a loan for 20% of the home purchase price.
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The homeowner pays back the original loan amount plus 15% of any appreciation in the value of the home
WHAT DOES CALHFA DEFINE AS A FIRST-TIME HOME BUYER?
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To know for sure, you should understand that a first-time homebuyer is defined as someone who has not owned and occupied their home in the last three years, and who has not lived in a home owned by a spouse in the past three years. If any of these circumstances happened more than 3 years ago or you have never owned a home, you can apply for the benefits of CalHFA's first-time homebuyer programs. Exceptions may apply, so please talk to one of CalHFA's Preferred Loan Officers for more information.
WHAT DOES CALHFA DEFINE AS A FIRST-GENERATION HOME BUYER?
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Only applicable with our California Dream For All Shared Appreciation Loan Program
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To qualify for the Shared Appreciation Loan, at least one borrower must meet both the criteria below of the first-generation homebuyer definition:
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1A: A first-generation homebuyer is defined as a homebuyer who has not been on title, held an ownership interest or have been named on a mortgage to a home (on permanent foundation and owned land) in the United States in the last 7 years,
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AND
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2A: To the best of the homebuyer’s knowledge whose parents (biological or adoptive) do not have any present ownership interest in a home in the United States or if deceased whose parents did not have any ownership interest at the time of death in a home in the United States,
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OR
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2B: An individual who has at any time been placed in foster care or institutional care (type of out of home residential care for large groups of children by non-related caregivers).
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