(CalHFA) California Dream For All Shared Appreciation Loan assistance program, 20% of the home purchase price Downpayment Assistance.

Free Resources For Home Sellers & Buyers

CalHFA launches CA "Dream for All home-buying program" A 20% Down payment assistance program for First-time homebuyers

How It works.

“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 the 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.”

INFORMATION SOURCE: https://www.calhfa.ca.gov/dream/index.htm

Shared Appreciation Loan Program

"Down payment assistance CalHFA standard income homebuyer'

“The borrower is a CalHFA income homebuyer

Dream For All program provides a loan for 20% of the home purchase price.
The homeowner pays back the original loan amount plus 20% of any appreciation in the value of the home.”

IMAGE AND INFORMATION SOURCE: https://www.calhfa.ca.gov/dream/index.htm

"Down payment assistance for LOW-income homebuyer"

“Borrower income less than or equal to 80% AMI using the HomeReady Lookup Tool

Program appreciation share is equal to 0.75 times the Shared Appreciation Loan Amount (i.e., the original principal amount) as a percentage of the home value
Dream For All provides a loan for 20% of the home purchase price.
The homeowner pays back the original loan amount plus 15% of any appreciation in the value of the home”

IMAGE AND INFORMATION SOURCE: https://www.calhfa.ca.gov/dream/index.htm

Requirements:

Borrower Requirements

“Be a first-time homebuyer. See the definition of a first-time homebuyer.
Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.
CalHFA borrowers must complete two levels of homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
Meet CalHFA income limits for this program.

*In the case of conflicting guidelines, the lender must follow the more restrictive ones.”

Property Requirements

“Be a single-family, one-unit residence, including approved condominium/PUDs
- Guest houses, granny units, and in-law quarters may be eligible
Manufactured housing is permitted
Condominiums must meet the guidelines of the first mortgage*

*In the case of conflicting guidelines, the lender must follow the more restrictive.”

INFORMATION SOURCE: https://www.calhfa.ca.gov/dream/index.htm

Interest Rate

What is the interest rate?

“Interest rates will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. CalHAFA recommends that you check with a CalHFA-approved loan officer to receive an accurate rate quote for this program.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved lenders to qualify consumers and to make all mortgage loans. The fees you pay could be different depending on the lender and the program. View sample Annual Percentage Rates (APRs) here.”

INFORMATION SOURCE: https://www.calhfa.ca.gov/dream/index.htm

Homebuyer Education Requirement

“CalHFA firmly believes that homebuyer education and counseling is critical to the success and happiness of a homeowner, and requires homebuyer education and counseling for first-time homebuyers using a CalHFA program.

Who has to take this Homebuyer Education and Counseling course?

Only one occupying first-time borrower on each loan transaction.

How do I take this education and counseling course?

- ONLINE: eHome’s eight-hour Homebuyer Education and Counseling course is the only online course accepted by CalHFA. (fee: $99) Other online courses like Frameworks and HomeView are not acceptable because they do not provide a one-hour, 1-on-1 counseling follow-up session.

IN-PERSON or VIRTUAL: Live Homebuyer Education and Counseling in-person or virtually though NeighborWorks America or any HUD-Approved Housing Counseling Agency
(fee: varies by agency)

How do I take the additional California Dream For All education?

ONLINE: This education is free and online only. Visit calhfadreamforall.com to get signed up and take the course.”

INFORMATION SOURCE: https://www.calhfa.ca.gov/dream/index.htm

How To Apply

“How do I apply for this loan program?

Talk to an approved Loan officer about how to apply and to see if you qualify.

What documents should I have ready when contacting a loan officer?
When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:

Pay stubs
Bank statements
Employment history
Previous tax returns”

INFORMATION SOURCE: https://www.calhfa.ca.gov/dream/index.htm

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Free Resources For Home Sellers & Buyers

CalHFA launches CA "Dream for All home-buying program" A 20% Down payment assistance program for First-time homebuyers

How It works.

“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 the 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.”

Shared Appreciation Loan Program

"Down payment assistance CalHFA standard income homebuyer'

“The borrower is a CalHFA income homebuyer

Dream For All program provides a loan for 20% of the home purchase price.

The homeowner pays back the original loan amount plus 20% of any appreciation in the value of the home.”

"Down payment assistance for LOW-income homebuyer"

“Borrower income less than or equal to 80% AMI using the HomeReady Lookup Tool

Program appreciation share is equal to 0.75 times the Shared Appreciation Loan Amount (i.e., the original principal amount) as a percentage of the home value

Dream For All provides a loan for 20% of the home purchase price.

The homeowner pays back the original loan amount plus 15% of any appreciation in the value of the home”

Requirements:

Borrower Requirements

“Be a first-time homebuyer. See the definition of a first-time homebuyer.

Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.

CalHFA borrowers must complete two levels of homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.

Meet CalHFA income limits for this program.

*In the case of conflicting guidelines, the lender must follow the more restrictive ones.”

Property Requirements

“Be a single-family, one-unit residence, including approved condominium/PUDs

Guest houses, granny units, and in-law quarters may be eligible

Manufactured housing is permitted

Condominiums must meet the guidelines of the first mortgage*

*In the case of conflicting guidelines, the lender must follow the more restrictive.”

Interest Rate

What is the interest rate?

“Interest rates will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. CalHAFA recommends that you check with a CalHFA-approved loan officer to receive an accurate rate quote for this program.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved lenders to qualify consumers and to make all mortgage loans. The fees you pay could be different depending on the lender and the program. View sample Annual Percentage Rates (APRs) here.”

Homebuyer Education Requirement

How To Apply

“How do I apply for this loan program?

Talk to an approved Loan officer about how to apply and to see if you qualify.

What documents should I have ready when contacting a loan officer?When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:

Pay stubs

Bank statements

Employment history

Previous tax returns”

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Ramon Mejia

What documents should I have ready when contacting a loan officer?
When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you: