CALIFORNIA – The California Housing Finance Agency (CalHFA) announced, March 13, new resources available offering a range of information to guide homebuyers through the process of how the Dream For All (DFA) program works.
Homebuyers can learn how to use the shared appreciation loan – a 20% down payment and/or closing costs assistance, prior to the DFA voucher pre-registration opening on Wednesday April 3, 2024, at 8 a.m.
First-Time Homebuyer vs. First-Generation Homebuyer
According to CalHFA, the first phase of the DFA program helped 2,182 new homeowners purchase a home with 55% self-identifying as belonging to communities of color.
For Phase 2, CalHFA requires that DFA voucher applicants be first-generation homebuyers. The details of eligibility and the pre-registration process are explained on the Program Resources page.
New videos on the page include:
- First-Time Homebuyer vs. First-Generation Homebuyer
- Which CalHFA loan is right for you?
- What you can do now to get ready?
Voucher Pre-registration
CalHFA says prospective homebuyers should start now to work with an approved lender to get the required documents ready to apply for a DFA Voucher through the pre-registration portal.
The agency will accept applications until 5 p.m. on Monday April 29, 2024.
If a homebuyer’s application is drawn and they receive a DFA Voucher, they will have 90 days to shop for a home, enter into a contract to purchase a home, and for the lender to reserve the loan through CalHFA’s Mortgage Access System (MAS).
For more information about the CalHFA Dream For All Program Resources page visit https://www.calhfa.ca.gov/dream/resources/
 announced, March 13, new resources available offering a range of information to guide homebuyers through the process of how the Dream For All (DFA) program works. ){kind=link}