Program Highlights
- Offers up to 20% for down payment or closing costs, not to exceed $150,000
- Homebuyer must register for a voucher. A randomized drawing will select registrants who will receive the voucher. This will not be first come, first served.
Eligibility
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Next Steps
In the next several weeks, the random selection process will take place at which time the status will be updated for all qualified applications to either:
- Not Selected: You can still work with a CalHFA Approved Lender and explore other CalHFA down payment assistance options like MyHome and CalPLUS with ZIP.
- Waitlist: check your voucher portal account periodically and monitor your email. If a voucher position becomes available and you are next on the waitlist, your status will change to Voucher Issued, and you will be notified right away by email.
- Voucher Issued: You will see this status if you are randomly selected to receive a voucher! We will email detailed instructions and next steps to you along with your voucher.
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Program FAQ
California Dream For All Shared Appreciation Loan
When will I hear if I was successful in receiving a "Dream for All" voucher?
After April 29th can I apply for a Dream for All voucher?
After April 29th, can I still update my application?
If my application is in "Not Selected" status, can I cancel my application and start a new one?
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Shared Appreciation
Shared Appreciation is a little more complex than a typical mortgage loan, so weve put together a few examples for you.
Shared Appreciation Examples | Example 1 |
 | Borrower is a moderate-income homebuyer - Dream For All provides a loan for 20% of the home purchase price.
- The homeowner pays back the original loan amount plus 20% of any appreciation in thevalue of the home.
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| Example 2 |
| Borrower income less than or equal to 80% AMI using the HomeReady Lookup Tool - Reduced (0.75:1) program appreciation share
- Program appreciation share is equal to 0.75 times the Shared Appreciation Loan Amount(i.e., the original principal amount) as a percentage of the home value
- Dream For All provides a loan for 20% of the home purchase price.
- The homeowner pays back the original loan amount plus 15% of any appreciation in thevalue of the home
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FAQs
Eligibility. One borrower must be a first-generation homebuyer. All borrowers must be first-time homebuyers. Income must meet CalHFA Income Limits for the county you are purchasing in.
What is the minimum credit score for the California Dream for All program? ›
People also need to have a credit score of at least 680 and “some good debt-to-income ratios,” Johnson said. For more information on the program, click here.
How does shared appreciation work? ›
A shared appreciation mortgage is a type of home loan in which you exchange a portion (share) of your home's appreciation for a lower interest rate. This type of loan isn't readily available. It might be an option if you need to modify your existing mortgage.
What is a dream loan? ›
The California Dream Loan is a subsidized loan provided by The Regents of the University of California and the State of California to Dreamer students who demonstrate financial aid eligibility. Basic Eligibility Requirements: File the California Dream Act Application https://dream.csac.ca.gov/.
What are some requirements to qualify for the Dream Act? ›
Key Differences between S. 365, H.R. 16, and H.R. 3599
| Eligibility | S. 365 | H.R. 3599 |
|---|
| Age of arrival | 17 years old or younger | 18 years old or younger |
| Has been continuously physically present since: | Four years prior to bill enactment | Three years prior to bill enactment |
| Validity period of conditional permanent residence | 8 years | 10 years |
3 more rowsMay 8, 2024
The maximum amount of a loan is capped at $4,000 each year, per student – but again, this is dependent on program funding. You can borrow every year you're an eligible student at UC or until you receive a maximum of $20,000 in DREAM loans.
What is the debt-to-income ratio for California Dream for All? ›
If a single person applies to the program, the lender only uses one income. Applicants must also have a credit score of 680 and a debt-to-income ratio of no more than 45%. Read the full list of eligibility requirements for California Dream for All (PDF).
Do I have to pay back CalHFA? ›
Payments are required unless you default on your mortgage. However, you have the right to make payments on the principal balance at any time before the loan is due by notifying CalHFA in writing. You can make a full prepayment or partial prepayments without paying a prepayment penalty.
Do all students qualify for the California Dream Act? ›
Who can apply for the California Dream Act? Students who live in California and meet the eligibility requirements for a non-resident exemption, as well as students who have a U Visa or TPS status, can use the California Dream Act application (CADAA).
Is a shared appreciation loan a good idea? ›
You might benefit from a shared appreciation mortgage loan if you are struggling to qualify for a home loan or you need lower monthly payments. A SAM loan allows you to share the potential risks and rewards of homeownership with your lender in exchange for a more affordable loan.
0% Interest Rate: The down payment assistance loan provided by the program has a 0% interest rate. This means that borrowers do not have to worry about accruing interest over time, which can make the loan more manageable.
How long does CalHFA approval take? ›
A CalHFA first mortgage generally has a turnaround time at CalHFA of 1-2 business days for compliance review. CalHFA loans have straightforward paperwork, quick processing and dedicated customer service. Many of CalHFA's preferred loan officers have closed CalHFA loans within 30 days.
Is California Dream for All still available? ›
Current Status: The Dream For All application window is closed for new applications. If you have already applied and wish to check the status of your application, please access your account on the Voucher Portal, and keep an eye on the email account you used to apply.
What credit score do you need for the dream for all? ›
Applicants also need to have a credit score of at least 680 and “some good debt-to-income ratios,” Johnson said. For more information on the program, visit the California Housing Finance Agency website.
What is the dream for all loan limit in California? ›
The maximum loan amount is up to $150,000 or 20% of the sales price or appraised value, whichever is less.
Who is qualified for CA Dream Act? ›
The California Dream Act allows undocumented students, Deferred Action for Childhood Arrivals (DACA) recipients (valid or expired), U Visa holders and students under Temporary Protected Status (TPS), who qualify for a non-resident exemption under Assembly Bill 540 (AB 540), Senate Bill 2000 (SB 2000) and Senate Bill 68 ...
What is the debt to income ratio for California Dream for All? ›
If a single person applies to the program, the lender only uses one income. Applicants must also have a credit score of 680 and a debt-to-income ratio of no more than 45%. Read the full list of eligibility requirements for California Dream for All (PDF).
What is the income limit for the dream for all in San Diego? ›
As far as the income requirements are concerned, in San Diego County it's a maximum annual income of $185,000 per family and a minimum credit score of 660.
What are some types of aid you might be awarded under California Dream Act? ›
The California Dream Act allows undocumented and nonresident students (US citizens and eligible non-citizens) who qualify for a non-resident exemption under Assembly Bill 540 (AB 540) to receive certain types of financial aid such as: private scholarships, state administered financial aid, California College Promise ...
