Real Estate Finance News

Last year CalHFA launched its $300 million down-payment assistance program for first time home buyers in California. The Dream For All Shared Equity program was so popular that the funds ran out in 11 days and the program came to a halt. 

CalHFA recently announced that its 2024 Dream For All Shared Equity program will become available again in April 2024.

This is an extremely popular program and the funds allocated for this program usually run out very quickly and the program becomes no longer available for un unforeseen period.

If this is a good option for you or anyone you know who can benefit from this program, please contact me for more details so you can prepare ahead of time in order to be able to take advantage.

More about The California Dream For All Shared Appreciation Loan Program

The Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage. It can be used for down payment and/or closing costs.

Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home. 

In order to qualify you must:

• Be a first-time homebuyer.  
• Occupy the property as a primary residence.  
• CalHFA borrowers must complete two levels of homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
• Must meet CalHFA income limits for this program.

Property Requirements:

• Be a single-family, one-unit residence, including approved condominium/PUDs
  • Guest houses, granny units and in-law quarters may be eligible.
• Manufactured housing is permitted.
• Condominiums must meet the guidelines of the first mortgage*

Homebuyer Education Requirement

• CalHFA firmly believes that homebuyer education and counseling is critical to the success and happiness of a homeowner and requires homebuyer education and counseling for first-time homebuyers using a CalHFA program. 

This is a very popular program and the funds allocated for this program usually run out very quickly and the program becomes no longer available.

If this is a good option for you or anyone you know who can benefit from this program, please contact me for more details.