California Dreaming
/The Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers from the California Housing Finance Agency (CALHFA). When you sell or transfer, you repay the original down payment, plus a share of the appreciation in the value of the home. So how can you find your California dream?
CHIC (Pearl)
In order to qualify for the Dream For All program, you need to be a first-time homebuyer, which is defined as someone who has not owned and occupied their own home in the last three years. You also need to occupy the property as a primary residence and complete two levels of homebuyer education. Oh, and your household income can’t exceed $300K.
GEEK (Kevin)
State legislators allocated $300M to this program in the form of 30-year fixed-rate loans starting at 6% with a 1.45% fee. Unfortunately, while we were writing this blog, CALHFA announced that all of the program funds have been claimed as of April 7. Hopefully, additional funding will be allocated in the next state budget. In the meantime, get educated and get ready.