California homebuyers will be delighted to learn that the Dream For All Shared Appreciation Loan Program for down payment assistance will be available as of Monday, March 27th, 2023.
What is the Dream For All Shared Appreciation Loan Program?
The Dream For All Shared Appreciation Loan Program is an income-based program through California Housing Finance Agency (CalHFA) that provides down payment assistance of up to 20% to qualifying homebuyers.
This program was established through the 2022-23 State Budget. Originally, the program would only have provided down payment assistance for 17% of the purchase price of a home. So, it is a big deal that it will provide up to 20%.
Dream For All Shared Appreciation Loan Highlights
- Required First Mortgage: Dream For All Conventional First Mortgage
- Dream For All Shared Appreciation Loan
- Amount: Up to 20% of the sales price or appraised value
- (whichever is less)
- Income Limits: Income cannot exceed CalHFA Income Limits
- Minimum CLTV: 70%
- Maximum CLTV: 105%
- Layering with other CalHFA Programs: Cannot be combined with CalPLUS ZIP or
If you qualify for down payment assistance, it may mean you can:
- Buy a home sooner than you expected.
- Afford more home.
- Potentially avoid paying for mortgage insurance.
Buy a Home with Down Payment Assistance Now
During your consultation, we can help you figure out if you qualify for a Dream For All Shared Appreciation Loan. We can also give you other recommendations for how you can afford your down payment on a new home.
Please contact us today at (916) 669-1682 to schedule your consultation. We work with homebuyers in Rancho Cordova, Gold River, and throughout Sacramento, El Dorado, Placer, San Joaquin and Stanislaus Counties and throughout the states of California and Idaho.