Your dream of owning a new home could become a reality — with some government support.
California residents who have never owned a home are eligible for the state’s “Dream for All Shared Appreciation Loan Program” (DFA).
The scheme helps first-gen homebuyers in the state with either 20% or up to $150,000 of a home’s down payment. Monkey Business – stock.adobe.comThe scheme, sponsored by the California Housing Finance Agency, helps first-generation homebuyers in the state with either 20% or up to $150,000 of a home’s down payment.
But you’ll have to move fast as the program is only open from Feb. 24 to March 16 — or just 20 days.
The best part is the loan is repaid when borrowers sell their home, along with between 15–20% of any value appreciation, which is used to keep the DFA program going.
“The California Dream For All program has already helped thousands of Californians buy their first home,” Tony Sertich, executive director of CalHFA, told The Mortgage Reports.
“As these homeowners begin to repay their loans, the funds are reinvested into the program to create a cycle that will continue far into the future, planting the seeds of generational wealth to help keep the California dream alive.”
Here are the DFA loan requirements
- One borrower must be a current resident of California
- All borrowers must be first-time homebuyers
- One borrower must be a first-generation homebuyer
- Income must meet CalHFA Income Limits for the county you are purchasing in
The DFA loan is repaid when borrowers sell their home, along with between 15–20% of any value appreciation, which is used to keep the program going. My Ocean studio – stock.adobe.comThe program works on a lottery system for those who qualify. The drawing will take place after the application period ends. However, CalHFA is encouraging people not to wait so they have plenty of time to gather all the necessary paperwork.
The program has already helped people like Deborah Jang, 30, who qualified for the $140,000 Dream for All loan in 2024, the Orange County Register reported.
Jang and her husband where able to buy their $700,00 condominium last year in Anaheim Hills.
The keys to a person’s brand new home. InputUX – stock.adobe.com“If it wasn’t for this program, I don’t think we could have even bought a home,” Jang said. “Even with our dual income and making well over $200,000, it’s nearly impossible to try to save up 20%, and then with the interest rates now and housing prices going up, that dream was getting further and further away from us.”
For more information, check out the California Housing Finance Agency website.
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