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20% Down Payment Assistance with Shared Appreciation Loan from CalHFA


On 6/29, CalHFA announced a new round of $200 million in funding for the Dream for All Shared Appreciation program. However, it is expected to take a few months for a specific release date and updated guidelines for the program. The information below is based on the guidelines for the first round of funding and subject to change.

Program Highlights:

  • Borrower receives 20% in down payment assistance from CalHFA

  • Assistance can be used for down payment and/or closing costs:

    • Example 1: 20% for down payment, no assistance for closing costs

    • Example 2: 17% for down payment + 3% for closing costs = 20% in total assistance​

  • 1:1 growth in equity share with CalHFA applies on the property

    • Example 1: 20% in assistance received = 20% equity share

    • Example 2: 10% in assistance received = 10% equity share

  • Assistance funds must be repaid in the future when the home is sold, refinanced, or reach the end of your 30-year loan term

    • There is a one-time exception to refinance without triggering repayment​

  • Loan amount limit based on conforming loan limits

  • Interest rates for the program are set by CalHFA and change daily

  • Types of approved homes:

    • Single-family homes​

    • Condos/townhomes (approval required)

    • Manufactured homes on owned land (no leased spaces)

    • Below-market-rate (BMR) homes



  • Borrower must be a first-time homebuyer (not owned a home in the past 3 years)​

  • Borrower(s) gross income must be below the limit for the county the home is purchased in

  • Maximum DTI (debt-to-income ratio) is 45-50% (depending on other qualifying factors)

  • Minimum credit score of 660-680​

  • Conventional only (no FHA options)

Example Loan Scenarios:

Shared Appreciation Example.png

Informational Video:

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