

CALIFORNIA DREAM FOR ALL
20% Down Payment Assistance with Shared Appreciation Loan from CalHFA
*IMPORTANT NOTE*
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.
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Program Highlights:
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Borrower receives 20% in down payment assistance from CalHFA
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Assistance can be used for down payment and/or closing costs:
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​Example 1: 20% for down payment, no assistance for closing costs
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Example 2: 17% for down payment + 3% for closing costs = 20% in total assistance​
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1:1 growth in equity share with CalHFA applies on the property
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Example 1: 20% in assistance received = 20% equity share
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Example 2: 10% in assistance received = 10% equity share
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Assistance funds must be repaid in the future when the home is sold, refinanced, or reach the end of your 30-year loan term
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There is a one-time exception to refinance without triggering repayment​
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Loan amount limit based on conforming loan limits
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Interest rates for the program are set by CalHFA and change daily
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Types of approved homes:
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Single-family homes​
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Condos/townhomes (approval required)
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Manufactured homes on owned land (no leased spaces)
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Below-market-rate (BMR) homes
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Eligibility:
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Borrower must be a first-time homebuyer (not owned a home in the past 3 years)​
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Borrower(s) gross income must be below the limit for the county the home is purchased in
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Maximum DTI (debt-to-income ratio) is 45-50% (depending on other qualifying factors)
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Minimum credit score of 660-680​
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Conventional only (no FHA options)
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Example Loan Scenarios:

