Update December 8, 2023: The California Dream For All is coming back! See below for details.
ATTENTION HOME BUYERS: The California Housing Finance Agency has announced another $200 million round of funding for the California Dream For All program.
The California Dream For All program provides up to 20% towards the purchase price of your first home, in the form of a loan that you repay when you later sell the home, with very generous income limits for first time home buyers. Once paid back, the funds would then be re-invested into the program to help future first-time home owners break into the housing market in California.
How It Works:
- ✅ Must be a first-time home buyer or not have owned a home for the past three years.
- ✅ Up to 20% down payment assistance from CalHFA.
- ✅ Must be a single family home or qualified condo in California.
- ✅ Must be your primary residence.
- ✅ Home buyer education classes are required.
- ✅ Must meet CalFHA county specific income limits.
- ✅ Other restrictions apply, not all will qualify.
- ✅ ACT FAST: The first round of funding was used up in only 11 days!
If you weren’t able to take advantage of the program during round one, this is your chance!
How To Get Started:
- Take the FREE online education ahead of time at www.calhfadreamforall.com
- Get preapproved for the Dream For All program that offers down payment assistance to the tune of 20% down (link below). That way when the program goes live, you’re ready to house hunt that very weekend.
- Have your Realtor lined up ahead of time. We will happily provide a free referral.
- Place aggressive offers. If $300 million got used up in 11 days, it’s not crazy to think that $200 million will get used up faster, especially now that more people know about the program. (It’s first come, first served.) In other words, if funding runs out while you are still looking at houses (which is what happened to all but ~2000 Californians, last time), then you will not be able to use the program.
- You have to have an offer accepted and be in contract on a specific property to reserve funds, and it’s first-come first-served.
- Please click this link to initiate the Dream For All Preapproval & Preregistration process (10 minutes) or pick a time on my calendar to touch base (1 minute).
- When it asks “where did you hear about us?” please answer “Dream For All Preregistration.”
- If your credit is frozen with any of the credit reporting bureaus, please unfreeze it, and let me know when 3 weekdays have passed from that point. Leave it unfrozen until you close escrow on your home purchase or refinance.
- When it gets to the part about entering your bank account logins/passwords (“Account Check”), please note there is a large “skip” button that you are more than welcome to click! Convenience versus security, the choice is yours.
- Once you complete the above, the three credit reporting agencies will be selling your contact information to a multitude of 3rd parties. I cannot opt out of this, but you can! Please click this link to opt out of junk mail and unsolicited spam calls (2 minutes).
California Dream For All FAQs
How is the California Dream for All different from other loans?
What sets the California Dream program apart from other types of loans is that you don’t pay any interest on the loan until you sell or refinance your home. And then, rather than an actual interest payment, you’d pay a share of the appreciation on your home.
Who's funding the loans?
This California Dream For All program has been included as part of the state’s $300 billion legislative budget agreement. It’ll be funded by issuing revenue bonds of $1 billion dollars a year for ten years, and is expected to help about 7,700 borrowers annually.
How much interest do I pay on the loan?
Throughout the lifetime of your homeownership, you will not pay any interest on the loan. Only when you refinance or sell your home, would the state be reimbursed for its share of the home’s value. Those funds would then be re-invested into the program to help future home buyers.
Are there income requirements?
Whether or not you’d qualify for the California Dream for All program depends on the purchase price of the home and your income levels.
For example, in Alameda and Contra Costa Counties, the income limit is $282k. In Solano County, the income limit is $215k. Below is a list of income limits for all counties in California.
|Alameda| $282,000||Orange | $235,000|
|Alpine | $188,000||Placer | $202,000|
|Amador | $171,000||Plumas | $163,000|
|Butte | $168,000||Riverside | $173,000|
|Calaveras | $178,000||Sacramento | $202,000|
|Colusa | $159,000||San Benito | $208,000|
|Contra Costa | $282,000||San Bernardino | $173,000|
|Del Norte | $159,000||San Diego | $211,000|
|El Dorado | $202,000||San Francisco | $300,000|
|Fresno | $159,000||San Joaquin | $168,000|
|Glenn | $159,000||San Luis Obispo | $216,000|
|Humboldt | $159,000||San Mateo | $300,000|
|Imperial | $159,000||Santa Barbara | $198,000|
|Inyo | $163,000||Santa Clara | $300,000|
|Kern | $159,000||Santa Cruz | $236,000|
|KINGS $159,000||Shasta | $177,000|
|Lake | $159,000||Sierra | $178,000|
|Lassen | $159,000||Siskiyou | $159,000|
|Los Angeles | $180,000||SOLANO $215,000|
|Madera | $159,000||Sonoma | $223,000|
|Marin | $300,000||Stanislaus | $159,000|
|Mariposa | $159,000||Sutter | $159,000|
|Mendocino | $159,000||Tehama | $159,000|
|Merced | $159,000||Trinity | $159,000|
|Modoc | $159,000||Tulare | $159,000|
|Mono | $161,000||Tuolumne | $166,000|
|Monterey | $178,000||Ventura | $228,000|
|Napa | $236,000||Yolo | $211,000|
|Nevada | $194,000||Yuba | $159,000|
What are the education requirements?
Borrowers must complete two levels of homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
Areas We Service
Our local offices serve the greater East Bay Area including:
East Bay ◦ Berkeley ◦ Oakland ◦ San Leandro ◦ Richmond ◦ Albany ◦ Alameda ◦ Pinole ◦ Martinez ◦ Contra Costa County ◦ San Lorenzo ◦ Hayward ◦ Fremont ◦ Walnut Creek ◦ Concord ◦ Union City ◦ Sacramento ◦ Elk Grove ◦ Vallejo
Our remote services allow us to serve clients anywhere in California including the Los Angeles and San Diego Metropolitan Areas.
Clients Found Us By Searching
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