If you’ve ever dreamed of owning a home, there might be some help available to you.
In California, residents who haven’t owned a home before can apply for the state’s Dream for All Shared Appreciation Loan Program (DFA).
This initiative offers first-time buyers in California up to 20% of their down payment on a house, with a maximum assistance amount of $150,000.
However, you’ll need to hurry since the program is only available from February 24th to March 16th—just a short 20-day window.
When the home is sold, the loan is repaid, and a portion—about 15% to 20%—of the appreciation goes back into the program to support future borrowers.
According to Tony Sertich, Executive Director of CalHFA, “The California Dream For All program has already helped thousands of Californians purchase their first home.” He notes that as homeowners repay their loans, the funds are reinvested, fostering a cycle of wealth that can benefit future generations.
DFA loan requirements include:
- At least one of the borrowers must currently live in California
- All borrowers must be first-time homebuyers
- At least one borrower must be a first-generation homebuyer
- Income should meet the CalHFA income limits specific to the county of purchase
The program operates on a lottery basis for those who qualify. The lottery will take place after the application period ends, but CalHFA recommends getting your documents in order ahead of time.
There are already success stories, like that of a 30-year-old named Deborah Jean. She was able to secure a $140,000 Dream for All loan. With this funding, she and her husband purchased a $700,000 condo in Anaheim Hills last year.
Deborah shared, “If it wasn’t for this program, I don’t think I would have been able to buy a house. Even though we both earn over $200,000, saving up 20% is almost impossible. And with rising interest rates and home prices, that dream feels increasingly distant.”
For more details, check out the California Housing Finance Agency’s website.
