The Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs. Guidelines are available for both Borrower and Property Requirements to determine if eligibiliy to apply for the Dream For All Shared Appreciation Loan Program.
Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home.
A report from Samih Sger, C.A.R. Government Affairs Field Representative, states, “Ensuring full funding of The California “Dream For All” was one of the hot issues at C.A.R’s Legislative Day this Spring and our members took that message to the legislature. The efforts of our members bore fruit. Thanks to the Legislature and Governor for including the funding in the budget. In particular thanks to Senate Pro Tem Toni Atkins who is the architect of The California “Dream For All” and has championed it at every turn including speaking about it at Legislative Day, firing up our members for their advocacy day.
The California “Dream For All”, down payment assistance program was preserved in the budget deal reached between the Governor and the California legislature. The $200 million that had been proposed to be cut from the program will remain.
$500 million dollars had been allocated in last year’s budget for the program and $300 million dollars of it was allocated and used up in about 11 days this year. The remaining $200 million had been held back as a result of the Governor’s opening budget proposal for this year, which proposed to remove $200 million from the “Dream for All” to address the state’s fiscal situation.”
More complex than a typical mortgage loan, CalHFA has put together a couple of examples. For more details visit their website. Homebuyers can find the steps to buying a home here, and take advantage of the Supplemental Education today.