California’s “Dream For All” program reopens, offering vital down payment assistance for first-time homebuyers navigating the state’s pricey market.

SACRAMENTO, Calif. — A state program designed to help first-time homebuyers in California is once again accepting applications.

The “Dream For All” program reopened its application window this year from February 24 through March 16, offering another opportunity for qualifying buyers to get help breaking into the state’s notoriously expensive housing market.

It’s no secret that housing in California comes with a high price tag. One way the state is trying to help more people attain homeownership is through the Dream For All program, which allows qualifying applicants to borrow a 20% down payment from the state to purchase their first home.

“There’s a chance you qualify for it. I think that’s a great opportunity for first-time buyers to get in,” said Kevin Oto, broker and owner of Green Haven Capital.

For buyers hoping to land a home they can afford, Oto said preparation is key.

“you have to have a strong pre-approval,” he said.

Getting pre-approved for a home loan is relatively simple, Oto said, noting that most loan applications can be completed online. Applicants typically upload documents such as pay stubs, W-2s, bank statements and tax returns. After that, they speak with a lender to discuss their budget and the types of loans they qualify for.

“You wanna know before you start shopping how much your payment’s going to be, how much cash you’re gonna need, just so you’re looking at homes that fit your budget,” Oto said.

He added that working with an experienced real estate agent can help buyers find a property that meets both their needs and their financial limits.

Oto also reminded buyers to stay open-minded and be prepared for possible sacrifices or compromises during the process. And just because someone qualifies for a certain loan amount doesn’t mean they should spend it.

“Just because I can improve someone for a million dollars house, they may only be comfortable with a, you know, $600,000 house because that payment fits their budget. So, it’s not about how much you can qualify for, it’s about let’s find you a home with a payment that you can afford,” he said.

Email your questions to evening anchor Lora Painter at: LPainter@abc10.com

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