California Dream for All Shared Appreciation Loan Program
CalHFA recently announced a new first-time homebuyer down payment assistance program that provides up to 20% for your down payment. The program is structured to assist first-time homebuyers in building sustainable homeownership.
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)
