Are you dreaming of owning a home but find the financial hurdle of a down payment daunting? You’re not alone. The California Housing Finance Agency (CalHFA) has been at the forefront with its Dream for All program, offering shared appreciation loans that have become a beacon of hope for first-time homebuyers. Due to its popularity, a lottery system will now allocate $220 million in funds to eligible applicants. Yet, it’s crucial to remember this isn’t the only path to homeownership.

A Closer Look at the Dream for All Program

Introduced to combat the affordable housing crisis, the Dream for All program initially had $300 million, which was quickly utilized. To continue supporting first-time homebuyers, an additional $220 million has been allocated. Applicants can pre-register through CalHFA’s portal, ensuring a fair distribution of loans across California’s diverse regions.

This innovative program offers up to $150,000 for down payments as a second mortgage, repayable only when the home is refinanced or sold. To qualify, buyers must meet income limits and be first-time, possibly even first-generation, homebuyers.

Exploring Other Avenues

However, the Dream for All program is just one of many avenues for down payment assistance. Homebuyers nationwide can access various programs through services like Down Payment Resource, which partners with platforms like Zillow and Redfin to provide information on eligibility and program details.

Additionally, Fannie Mae and Freddie Mac are introducing credits and grants to support very low-income borrowers this spring. These initiatives, along with other lenders offering grants and second mortgages, are designed to ease the down payment burden, making homeownership more accessible.

Seek Expert Guidance

While these programs offer significant support, navigating the array of down payment assistance options can be overwhelming. That’s where I come in. As an expert in mortgage brokerage, I’m here to guide you through the maze of assistance programs, helping you find the one that fits your unique path to homeownership.

Ready to Explore Your Options?

If you’re considering homeownership and looking for down payment assistance, don’t go it alone. Contact me, Chenine Lozano, at 562-762-7511. Together, we’ll explore all available programs and find the right fit for you, ensuring you’re well on your way to owning your dream home.