CALIFORNIA – The California Housing Finance Agency (CalHFA) announced, Tuesday, that the Dream For All (DFA) down payment assistance voucher program received 18,000 applications and the application period is now closed.
“The program received over 18,000 submissions and we are working quickly to review and audit the applications,” said the CalHFA news release.
The agency says in the next few weeks, the random selection process will take place at which time the status will be updated for all qualified applications to either ‘Not Selected’, ‘Waitlist’, or ‘Voucher Issued’.
20% down payment, not to exceed $150,000
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.
Phase II of the DFA voucher program began accepting applications at the beginning of April.
Through a lottery process, qualified first generation homebuyers who are selected for a voucher will get a 20% down payment, not to exceed $150,000, and/or closing costs assistance.
Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home.
Other Options
CalHFA says if an applicant is not selected, they can still work with a CalHFA Approved Lender to explore other CalHFA down payment assistance options like MyHome and CalPLUS with ZIP.
For more information about CalHFA programs visit https://www.calhfa.ca.gov/homebuyer/programs/index.htm
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