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Writer's pictureNancy Bennett

California Dream for All home loan is almost here!



If you remember last year, there was a rollout of a first-time buyer program that was a phenomenal way for buyers to get into a home with a 20% downpayment from the State of California. The funds for that program were used by first-time buyers very fast. 


This year, the state will be offering the program again, with a few modifications. 


I STRONGLY ENCOURAGE ANYONE THAT MAY QUALIFY AS A FIRST TIME HOME BUYER TO GET PRE-APPROVED RIGHT NOW!  


If you are chosen, then you will have a limited time to locate and make an offer on a property. Our lender, Greg at Avenir Mortgage Planners, can help walk you through this program and answer any questions.


I was able to get one set of buyers into a new home using the program and it was an amazing journey. Basically, this family’s entire life changed! They were years away from being able to buy a home using traditional financing, and now they are living the American Dream.  


CalHFA to administer next round


The 2023–24 state budget allocates $220 million for the Dream For All Shared Appreciation Loan Program (DFA). Senate Bill 143 establishes parameters for the next round of DFA funding, including targeting first-generation homebuyers, supporting an equitable distribution in different regions of the state, and prioritizing participation of homebuyers in lower tiers of income eligibility. 


All program guidelines are available in the Loan Program Handbook. The program will be available for reservations in the spring with the following updates:

  • Prioritizing participation of those in lower tiers of income eligibility

  • Income limits are based on Fannie Mae’s HomeReady program and cannot exceed 80% of the AMI

  • The program will be available for reservations in Spring of 2024.

  • Qualified applicants will be randomly selected to receive a voucher 

  • Maximum Shared Appreciation Loan amount is $150,000 or 20% of the sales price or appraised value, whichever is less

  • At least one applicant must be a First-Generation Homebuyer, defined for this program 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, and;


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, or;


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).


Greg can answer questions and get you pre-qualified, or visit the FHA website to learn about your specific situation and regular updates about this program.

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