SACRAMENTO, Calif. – California is launching the “Dream For All” program to help low- to moderate-income families become homeowners. Applications open on February 24 and will close on March 16.
According to the California Housing Finance Agency (CalHFA), the program offers up to 20% in down payment assistance, with a maximum of $150,000, to first-generation homebuyers. This initiative aims to assist families who have struggled to save for a down payment despite having stable jobs and good credit.
“This is a way to help those people get the headstart at home ownership,” said Eric Johnson, spokesperson for CalHFA.
The program is open to those who have not owned a home in the last seven years and whose parents do not currently own a home. Income requirements vary by region, ranging from $148,000 in rural areas to over $300,000 in the Bay Area.
Applications will be selected through a random process, and conditional approvals will be audited. Successful applicants will have 90 days to find a home. CalHFA expects to distribute between $150 million and $200 million, with at least 10% allocated to Qualified Census Tracts.
Tony Sertich, CalHFA Executive Director, emphasized the program’s potential for long-term impact. “As these homeowners begin to repay their loans, the funds are reinvested into the program to create a cycle that will continue far into the future,” Sertich said.
For more information and to apply, visit the Dream For All webpage