CalHFA Dream For All - 20% Down Payment Assistance Program

CalHFA Dream for All is a program offered by the California Housing Finance Agency (CalHFA) that provides low to moderate-income families with affordable homeownership opportunities. The program aims to make homeownership more accessible and affordable for first-time homebuyers in California.

Here are some key features of the CalHFA Dream for All program:

• Down payment assistance: CalHFA Dream for All offers down payment assistance to help eligible homebuyers cover their down payment and closing costs. The program offers a deferred-payment loan of up to 20% of the home's purchase price, which doesn't need to be repaid until the home is sold, refinanced, or paid off.

• Shared Appreciation Loan: The eligible homebuyer is subject to shared appreciation, that is to be paid back with the down payment assistance. The shared appreciation is 15-20% of the total appreciation when it comes time to sell or refinance the home, depending on income (Example below).

• Income limits: The program is designed for low to moderate-income families with a household income that does not exceed the program's income limits. These limits vary depending on the county where the home is located and the number of people in the household.

• Eligible properties: The program is available for the purchase of a single-family home, townhome, or condominium in California. The property must be the primary residence of the borrower and meet certain other requirements, such as a maximum purchase price.

• Homebuyer education: CalHFA Dream for All requires homebuyer education for all borrowers. The program offers free online education courses to help first-time homebuyers learn about the home buying process, mortgage financing, and homeownership responsibilities.

• Other requirements: To qualify for the program, borrowers must meet certain credit, employment, and debt-to-income requirements. They must also have a minimum credit score of 680

Shared Appreciation Example:

Overall, CalHFA Dream for All is a helpful program for first-time homebuyers in California who need assistance with down payment and closing costs. If you're interested in this program, you can contact me for more details!