

CALIFORNIA DREAM FOR ALL
20% Down Payment Assistance with Shared Appreciation Loan from CalHFA
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
-
Eligibility:
-
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:

