Are you ready to make your dream of homeownership a reality? CalHFA's Dream For All loan program is giving you a golden opportunity to secure 20% towards your down payment and/or closing costs. Yes, you read that right! Exciting changes are underway, making it easier for a diverse group of potential homebuyers across the state to benefit.
Benefits of Dream For All Program:
- 20% Loan Assistance: Dream For All provides a substantial loan covering 20% of the home purchase price, lightening the financial load for aspiring homeowners.
- Deferred Payments: The best part? No immediate payments are required on the 20% loan, providing financial flexibility during the initial stages of homeownership.
- Flexible Credit Requirements: Dream For All understands that everyone's financial journey is unique. Enjoy the flexibility of credit requirements tailored to your individual circumstances.
- Lower Monthly Payments: With a larger down payment, you'll experience lower monthly payments, making homeownership more accessible and sustainable.
Eligibility Criteria:
To seize this opportunity, there are a few eligibility criteria to keep in mind:
- First-Time Homebuyers: You must be a first-time homebuyer or haven't owned a primary home in the past three years.
- Income Limits: Income limits vary by county, with a maximum annual qualifying income of $282k for most of the Bay Area.
- Primary Residences Only: The program is available for primary residences, ensuring it's directed towards those looking to establish a home for themselves.
CalHFA is introducing significant changes to make the Dream For All program even more accessible:
- Lottery System: Say goodbye to the traditional first-come, first-served model. CalHFA is implementing a new lottery system to ensure fairness and equal opportunities for all potential homebuyers.
- Extended Application Period: Homebuyers have until April to find a state-approved lender and commence the application process. This extension provides ample time to navigate the paperwork and requirements.
- Lottery Opens in April: The lottery opens in early April and closes in May. During this period, between 1,700 and 2,000 lucky winners will be selected to receive a voucher. Winners have 60 days to utilize the voucher, adding an element of excitement and urgency to the process.
This is your chance to turn your homeownership dreams into reality. Act now, explore your options, and make the most of the enhanced Dream For All program. Contact us today if you have further questions or would like to be connected with a lender to begin your application.
