Buying your first home in California can feel out of reach—especially when saving for a down payment is the biggest hurdle.
The CalHFA Dream For All Shared Appreciation Loan Program was created to help first-time, first-generation homebuyers overcome that challenge and move closer to homeownership.
This guide explains how the Dream For All program works, who may qualify, and what to consider before applying.
What Is the CalHFA Dream For All Program?
The California Dream For All Program, administered by the California Housing Finance Agency (CalHFA), provides down payment and/or closing cost assistance to eligible first-time homebuyers.
Instead of monthly payments, the assistance is structured as a shared appreciation loan, which is repaid later when certain events occur—such as selling or refinancing the home.
This program must be used together with an eligible CalHFA first mortgage, not as a standalone loan.
How Dream For All Down Payment Assistance Works
Here’s the simplified structure:
- The program may provide up to 20% of the home’s purchase price, capped at $150,000
- Funds can be used toward down payment and/or closing costs
- No monthly payments are required on the Dream For All assistance
- Repayment occurs when you:
- Sell the home
- Refinance
- Transfer ownership
- Pay off the first mortgage
At that time, you repay:
- The original assistance amount
- Plus a percentage of the home’s appreciation, based on program guidelines and income limits
This shared appreciation model helps buyers purchase sooner while allowing the program to recycle funds for future homebuyers.
Who May Qualify for the Dream For All Program?
You may be a good candidate if you meet all of the following:
1. First-Time Homebuyer
All borrowers on the loan must be first-time homebuyers, generally defined as not owning a home in the past three years.
2. First-Generation Homebuyer
At least one borrower must meet CalHFA’s first-generation definition, which typically means:
- Your parents have not owned a home in the U.S., or
- You previously lived in foster care or similar qualifying circumstances
3. California Residency
At least one borrower must currently live in California.
4. Income Limits
Household income must fall within CalHFA’s county-based income limits.
5. Owner-Occupied Property
The home must be your primary residence, not an investment or vacation property.
Because requirements are detailed and funding is limited, reviewing eligibility early is important.
→ Read more: Find the Best First Time Home Buyer Loan in California
Is Dream For All a Grant or a Loan?
Dream For All is not a grant.
It is a shared appreciation loan, meaning:
- No monthly payments
- Repayment is deferred
- You share a portion of the home’s value increase when the loan is repaid
This structure is designed to balance affordability today with long-term program sustainability.
Why Funding Windows Matter
Dream For All is not always available year-round.
CalHFA opens the program during specific application windows, and applications are typically selected through a randomized voucher process, not first-come, first-served.
That’s why preparation—understanding eligibility, income limits, and financing options—can make a real difference when the window opens.
Why Compare Your Options Before Applying?
Dream For All can be powerful, but it isn’t the right fit for everyone.
Before committing, it’s important to:
- Compare long-term equity trade-offs
- Understand how shared appreciation works in real scenarios
- Review alternative down payment assistance or first-time buyer programs
This is where working with an experienced mortgage team matters.
Understanding Dream For All is just one step. The next step is figuring out how it fits into your full mortgage strategy.
Why borrowers choose Loan Factory:
- Zero application or junk fees
- Local loan advisors who understand California programs
- AI-powered MOSO platform for faster pricing and approvals
- Guidance from Loan Factory, led by Thuan Nguyen (#1 Loan Officer in the U.S.)
Rather than guessing, borrowers use Loan Factory to compare options clearly and move forward with confidence.
Ready to See If Dream For All May Fit You?
The Dream For All program has strict rules and limited funding—but for the right borrower, it can reduce one of the biggest barriers to homeownership.
Apply online: https://www.LoanFactory.com/apply
Compare loan options: https://www.LoanFactory.com/quote
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Call or text for faster support: (660) 333-3333
Disclaimer
This content is for informational purposes only and does not constitute a commitment to lend. Program availability, eligibility, income limits, and guidelines are subject to change and depend on CalHFA requirements, lender approval, underwriting, and funding availability.
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