Innovative Program Provides Down Payment Assistance for First-Time Homebuyers
The California Housing Finance Agency (CalHFA) has opened submissions for the Dream For All Shared Appreciation Loan in an attempt to assist residents who want to purchase their first home in Los Angeles. This innovative down payment assistance program, designed to complement the Dream For All Conventional first mortgage, aims to empower individuals by facilitating access to down payment and/or closing costs.
Under the program’s framework, recipients are obliged to reimburse the initial down payment loan along with a proportionate share of the home’s appreciation upon its sale or transfer.
How do you apply? Check out the highlights of the program and the eligibility criteria for the Dream For All Shared Appreciation Loan and learn if this program can help you. The application process opened on April 3 and will close on April 29, 2024.
Program Highlights:
- Provides assistance of up to 20% for down payment or closing costs, with a cap of $150,000.
- Prospective homebuyers are required to register for a voucher. However, selection for voucher distribution will be determined through a randomized drawing rather than on a first-come, first-served basis.
Eligibility Criteria:
- At least one borrower must qualify as a first-generation homebuyer.
- All borrowers must fulfill the criteria of being first-time homebuyers.
- Income must align with the CalHFA Income Limits specified for the county of residence.
The program’s website has additional information, including an informative video to help guide people through the process.
