What’s the scoop on this California Dream for All 20% down payment assistance everyone’s talking about? 🤷🏽♂️
What is the program?
The Dream for All loan gives up to 20% down payment assistance for first time homebuyers in California.
Who qualifies?
Income limits vary by county — in LA County the income cap is $180k.
Is it a grant or a loan?
It’s a “shared appreciation” loan with NO payments and 0% interest. You pay it back when you sell or refinance out of it, or after 30 years of ownership, plus a share of the appreciation in the value of the home. Those repayments are then used to fund future homebuyer down payments. You can refinance once to lower your rate without having to pay back the 20% loan.
Who’s behind it?
The State of California through CalHFA (California Housing Finance Agency).
What’s the catch?
There are income limits and FICO score minimums. You must owner occupy the property, and it has to be a single family home or condo/townhouse (not multifamily). You cannot have owned a home in the last 3 years.
When can you apply?
NOW! 🙂 The program just went live and funds are expected to run out quickly. (Quicker than expected so now is the time to reach out and see if you qualify for — not next month!!) Not all lenders are qualified to do the California Dream for All loan, so connect with me directly so you’re not going down dead ends with misinformation online and missing the boat.
Reach out!
www.lyonideas.com/call
Link in bio
Download my FREE guide to down payment assistance at:
www.buyahouseinLA.com
Full FAQ is here and here, you can also call me with questions! Don’t forget to repost for someone who may benefit from this!
Sammy Lyon
REALTOR®️
DRE #02113227
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