Unlock Your Dream Home: California Down Payment Assistance
Are you a first-time homebuyer in California, eager to open the door to your own place? I’m thrilled to share an incredible opportunity with you—the California Dream For All Shared Appreciation Loan Program((California Housing Finance Agency (CalHFA) https://www.calhfa.ca.gov/dream/)). It’s not just a down payment assistance program; as a matter of fact, it’s your key to homeownership in the competitive California real estate market.
Exploring Shared Appreciation: How It Works
Let me simplify the process for you. Picture this: you receive a loan for 20% of your home’s purchase price through Dream For All. When you sell, repay the original loan amount plus 20% of any appreciation in your home’s value. It’s an innovative approach designed to make homeownership achievable.
Example 1: Borrower is a CalHFA income
- Dream For All provides a loan for 20% of the home purchase price.
- Repay the original loan amount plus 20% of any appreciation in the home’s value.
Example 2: Borrower income less than or equal to 80% AMI using the HomeReady Lookup Tool
- Reduced (0.75:1) program appreciation share.
- Dream For All provides a loan for 20% of the home purchase price.
- Repay the original loan amount plus 15% of any appreciation in the home’s value.
Phase 1 Success: 2,182 New Homeowners
Excitingly, the first phase of the California Dream For All program has already paved the way for 2,182 new homeowners to achieve their dreams of homeownership. This success demonstrates the program's effectiveness in making homeownership accessible.
Get Ready for Phase 2: Important Updates
As of January 18, 2024, program details for the California Dream For All Shared Appreciation Loan Program have been released. With a targeted launch date in April, eager homebuyers need to prepare. Here are your next steps:
1. Talk to a CalHFA Approved Lender((CalHFA Approved Lender https://www.calhfa.ca.gov/apps/approvedlenders/)): Engage with a lender offering the Dream For All program. They will guide you through the process, ensuring you make informed decisions.
2. Secure Your Pre-Approval Letter: Work closely with your loan officer to secure a California Dream For All (DFA) Lender Pre-Approval Letter((California Dream For All (DFA) Lender Pre-Approval Letter https://www.calhfa.ca.gov/homeownership/forms/pre-approval-letter-cadfa.pdf)). This letter is your ticket to registering for a DFA voucher in April.
3. Take the 1-hour California Dream For All education course which covers what shared appreciation is and how it affects your mortgage repayment. This course is delivered online and is free. Visit calhfadreamforall.com to get signed up and learn about shared appreciation now.
How I Can Help: The Realtor's Role
Navigating the real estate market, especially with innovative programs like Shared Appreciation, can be challenging. As your real estate agent, my role is to:
Provide Expert Guidance:
I’ll explain the intricacies of the program, ensuring you understand its benefits and implications.
Facilitate the Process:
From connecting you with CalHFA Approved Lenders to assisting with the pre-approval process, I’m here every step of the way.
Maximize Market Opportunities:
If you’re a home seller, I’ll leverage the uniqueness of the Shared Appreciation Loan Program to market your property effectively.
Curious about you Home’s Value? Get your free home valuation here >> FREE HOME VALUATION
Let’s turn your homeownership dreams into reality. Contact me today, and let’s get started on this exciting journey together!
