California’s wildly popular shared-appreciation down payment assistance program for first time homebuyers is being relaunched this year with a reduced budget of $250 million but an improved distribution plan.

Last year $300 million was gobbled up in just 11 days in a first-come, first-serve system that made it difficult for first-time buyers to incorporate the program into their housing plans. This year the funds will be distributed by lottery based on applications submitted in April. The winners will then have 90 days to find and purchase a home.

Program Details: The Dream for All Shared Appreciation program is administered by the California Housing Finance Agency (CalHFA). It provides up to 20% of the purchase price to a maximum amount of $150,000 in an interest and payment-free 2nd loan. Later, when the home is sold or refinanced, the loan balance is paid off along with a percentage of the home value appreciation that has occurred since the purchase (hence the “Shared Appreciation”).

Eligibility: Borrowers must be first-􀆟me homebuyers and US citizens or “qualified aliens” under US code 8 U.S.C § 1641. At least one borrower must be a first-generation, first-time homebuyer and a California resident. Borrowers must also meet credit, income and other loan qualifying requirements. Household income cannot exceed CalHFA limits which vary by county.

How To Apply: Applications must be submitted through a CalHFA approved mortgage lender. Your loan officer will work with you to determine if you will qualify for the program and to submit an application.

Yes, we are CalFHA-approved!