Last Updated on April 7, 2024 by The HD Post Staff
CALIFORNIA – The California Housing Finance Agency (CalHFA) shared, April 5, that a few thousand borrowers have already successfully submitted their applications for a Dream For All (DFA) 20% down payment voucher.
The application portal, which opened April 3, will accept applications until Monday, April 29th. The vouchers will be selected by a randomized lottery draw several weeks after the 29th. Applications will need to be audited prior to announcing the recipients.
“We understand that applicants will be anxious to hear the results, and we will work as quickly as we can to get through the audit process,” said the CalHFA news release.
CalHFA addresses common questions
A few common questions have come up during the DFA Phase 2 voucher pre-registration process.
Can the applicant withdraw their application and start over?
Yes, the borrower will not be disqualified or negatively impacted if they withdraw their application and make a new one. Borrowers can only have one active application at a time per household.
Can the loan officer or real estate agent complete the voucher application for the applicant?
No, the applicant must personally agree to several attestations and officially sign the application under penalty of perjury before it can be submitted.
Loan officers can assist their applicants, if the applicant chooses, but the accounts need to be created with the applicant’s email and personalized password.
Where do I get help for technical issues?
For technical assistance borrowers can contact the portal support call center at: 877-9-CalHFA. Press 1 for DFA, then press 1 for technical support.
What is the DFA interest rate?
CalHFA will post rates after the portal closes, however, for pre-qualifying, borrowers can refer to their conventional loan with Down Payment Assistance (DPA) rate as they anticipate the Dream For All rate will be similar.
First generation homebuyer
DFA provides first generation homebuyers a shared appreciation loan to use for 20% down payment and/or closing costs assistance.
CalHFA says 92% of applicants have reported that the application is easy to understand and complete.
For more information about the DFA down payment assistance visit https://www.calhfa.ca.gov/dream/resources/
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