California is taking steps to prevent a new home-ownership crisis in the country as a result of the economic impact of the global pandemic.
California Dream For All program benefits. (Photo: MARCA)
California Dream For All Program
The state is offering the California Dream For All program to eligible homebuyers, which provides down payment aid of up to 20% of the listed price of the home. CalHFA will offer a shared appreciation loan to help first-time homebuyers meet the down payment, with no need for monthly interest payments.
This loan helps reduce the amount of the primary mortgage, which means the monthly payments will be lower. The program also aims to help homebuyers avoid expensive primary mortgage insurance and higher interest rates, according to a published article in MARCA.
Landed, a tool that offers homebuying education resources, real-time financial coaching, and access to agents and lenders, is available to help eligible participants take advantage of the California Dream For All program as soon as it becomes available.
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Eligibility for California Dream For All Program
In a published article in NBC Los Angeles, to be eligible for the program, individuals must complete an approved homebuying education and counseling course and sign up with a CalHFA-approved lender.
First-time homebuyers with a household income at or below the CalHFA Income Limits must use a Dream for All Conventional First Mortgage and have completed an accepted homebuying education and counseling course.
The California Dream For All program aims to address the economic impact of the pandemic and help low-income individuals and families achieve the dream of owning a home.
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