The Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs.
Last year, the program started with $300 million and ran out of funds in 11 days. This year, the program will operate on a lottery system instead of first come, first served. The program focuses on first-generation homebuyers and will give up to 20% of the purchase price on a home, or $150,000 whichever is lower.
Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home. The program voucher website has a targeted launch date in April, and steps must be done NOW to get ready for that launch. A statement from the agency says: “Interested homebuyers can get started working with an approved loan officer or approved lender now in preparation to submit applications in April for the lottery.” The CalHFA (California Housing Finance Agency) page is updated continuously with information. The next steps for borrowers are on that page. Please visit this page as you will need to talk to a CalFHA approved lender.
Contact me for more info on how to get started with this, as you will also need to locate a suitable home. Links: https://www.calhfa.ca.gov/dream/
Fannie Mae Income Guideline: http://fanniemae.com/amilookup
