The California Dream for All Program is accepting applications for First-Time Homebuyers from February 24 to March 16, with some specific eligibility requirements.

SAN DIEGO — California is offering down payment assistance for first-time homebuyers through the California Dream for All Program. The program provides substantial financial support to eligible applicants. It offers up to 20 percent assistance for down payment or closing costs, capped at $150,000 per applicant. Unlike traditional first-come, first-served programs, qualified applicants will be selected through a randomized drawing process.

Specific eligibility requirements govern program participation. One borrower must be a first-generation homebuyer, all borrowers must be first-time homebuyers and one borrower must be a California resident. Additionally, household income must fall within the county limit where the applicant intends to purchase.

Real estate professionals recognize the program’s potential to expand homeownership opportunities. “It’s terrifying trying to buy your first home, but I think this program opens up a lot of doors for not many people who ever thought they could buy a house,” said Raul Lopez, a real estate professional.

Prospective buyers must understand the significant financial obligation associated with the program. When homeowners sell, transfer, or pay off their first mortgage in full, they must repay the original down payment loan plus a share of the home’s appreciation.

“So basically, if you purchased the home you know, $700,000 today, and later on down the road you find that the home is appreciated you know to $800,000 so if you sell the house and you gain you know, two to three hundred thousand dollars from it 15-20 percent of that equity is going to go back to the program because that actually helps fund it more again in the future,” said Lopez.

The program works best for buyers with long-term homeownership plans. “I think this program is going to be for someone who intends to be in the home for a long period of time, possibly their forever home. It really just depends. I think if you’re trying to use this program to move with the next three to five years, I think you should reconsider your options then but I think if your intent is to stay within 15-20 years, I think this program is definitely for you,” Lopez said.

Selected applicants must meet a compressed timeline for purchase completion. After qualification, buyers have just 90 days to find and secure a home using their voucher. “There are some challenges, however because you have to find a home within 90 days after being qualified for it, because your given a voucher so then you have 90 days so you really have to put the pedal to the medal and start shopping right away but its been great especially cause I work as quickly as they do so if their ready I’m ready,” said Raul Lopez, real estate professional.

For more information visit calhfa.ca.gov