Some good news for potential first time home buyers: Applications for California Dream For All Shared Appreciation Loan Open April 3rd, with down payment assistance up to 20%, not to exceed $150K! Be prepared as the last round of funding was gone in 11 days.
(There is also the MyHome Assistance Program of up to 3.5%)
The Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs.
Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home.
Here are some things you need to know about the California Dream For All Shared Appreciation Program:
- The Registration Portal opens April 3, 2024 at 8:00am and closes April 29, 2024 at 5pm.
- Offers up to 20% for down payment or closing costs, not to exceed $150,000
- You must be pre-approved with a CalFHA Approved Lender.
- Work with your loan officer to determine what you need to do to secure a California Dream For All (DFA) Lender Pre-Approval Letter. You’ll need this letter in order to register for a DFA voucher in April. A randomized drawing will select registrants who will receive the voucher. This will not be first come, first served.
- ALL borrowers must be first-time home buyers.
- At least ONE borrower must be a first-generation home buyer or have been in the foster system to qualify.
- Income must meet CalHFA Income Limits for the county you are purchasing in.
- Here is a Loan Scenario Calculator.
- Homebuyers can benefit by learning about the program by registering for the shared appreciation course.
To see what is currently for sale, click on the corresponding link(s) below or feel free to contact me directly.
*Russian River is Forestville, Rio Nido, Guerneville, Monte Rio, Villa Grande, Cazadero and Camp Meeker
I look forward to helping you and representing your best interests on this journey.
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