California dream for all - Patrick D Collins

CalHFA announced on 4/7/2023 that all funds for the California Dream For All Shared Appreciation Loan program have been reserved. All additional loan applications for the program are currently paused.

CalHFA announced on 4/7/2023 that all funds for the California Dream For All Shared Appreciation Loan program have been reserved. All additional loan applications for the program are currently paused.

We help you take advantage of down payment assistance from the California Dream for All program.

With California Dream for All, a program offered by the California Housing Finance Agency (CalHFA), you may be able to unlock significant down payment assistance to buy the home of your dreams.

Landed is not a lender and is not affiliated with the California Dream for All program. Landed provides homebuying education, support, and related services.

Let's get started with the basics.

California Dream for All is a new program offered by CalHFA that provides eligible homebuyers unique financing to use toward a down payment and/or closing costs on their first home. Homebuyers receive a shared appreciation loan for up to 20% of their home’s purchase price, without the need to make monthly interest payments on the shared appreciation loan. A higher down payment reduces the amount of your primary mortgage, which can result in lower monthly payments. It may also help you avoid costly primary mortgage insurance (PMI) and higher interest rates.

What is Landed’s role in the California Dream for All program?

You don’t have to begin this process on your own! Landed is an expert in shared appreciation down payment programs, as well as a trusted provider of a suite of homebuying support resources for homebuyers.

We offer homebuying education resources, access to one-on-one financial coaching, introductions to agents and lenders (who will also be familiar with California Dream for All), and more. With Landed, you’ll be ready to take advantage of this unique down payment assistance program.

How can I take advantage of the California Dream for All Program?

In order to participate in this program, you must complete an approved homebuying education and counseling course, PLUS shared appreciation loan-specific education. Additionally, you can sign up with Emortgage Capital to get connected to a CalHFA-approved lender as well as a real estate agent familiar with shared appreciation down payment programs so you can start your search for your new home.

California Dream for All has a limited amount of funds available so get started today to increase your chances of being able to take advantage of this program.

That’s where we come in.

With Emortgage Capital you can get:

When you work with Emortgage Capital, you gain guidance and support to make buying your dream home a reality…so you can move as fast as you’d like. We have helped over 1,100 people buy homes using a shared appreciation down payment program and build financial security via our personalized home buying support.

We know the path to homeownership begins long before you’re ready to make an offer on a home. That’s why Landed offers a wide variety of homebuying services at no additional cost to homebuyers.

Experienced local real estate agents who are familiar with down payment programs

Homebuying education and support

A network of lenders who can help you access California Dream for All, as well as standard mortgage offerings

Access to 1:1 financial coaching

Information on alternative down payment program options

Sign up with Emortgage Capital to make sure you’re equipped to take immediate action and take full advantage of the California Dream for All program, as well as other Landed homebuying support.

What is a shared appreciation loan?

Unlike a traditional loan, there are no monthly payments. Instead, a shared appreciation loan is paid back when the loan matures (usually 30 years), or upon the sale, transfer, or refinance of the home. The amount you pay back is based, in part, on the amount your home changes in value.

Who qualifies for the program?

First-time homebuyer
Must meet minimum credit score and debt-to-income requirements
Borrower income at or below the CalHFA Income Limits (varies by county)
Must use a Dream For All Conventional First Mortgage¹
Completed an accepted homebuying education and counseling course, as well as a shared appreciation supplemental education course²

What are the terms of the Shared Appreciation Loan?

At the end of the loan term or upon sale, transfer, or refinance of the home, the homebuyer must repay the original down payment loan, plus a share of the appreciation in the home’s value. The appreciation share varies depending on the borrowers’ income.

For borrowers with income greater than 80% Area Median Income (AMI) and less than or equal to the CalHFA Income Limits:

1:1 program appreciation share
Example: If California Dream for All provides 10% of the original principal amount for the down payment, the homebuyer will owe them the original loan amount, plus 10% (1 x 10%) of the home’s increase in value
The amount of shared appreciation is capped at 2.5 times the original loan amount

For borrowers with income less than 80% Area Median Income (AMI) and less than or equal to the CalHFA Income Limits:

0.75:1 program appreciation share
Example: If California Dream for All provides 10% of the original principal amount for the down payment, the homebuyer will owe the the original loan amount, plus 7.5% (0.75 x 10%) of the home’s increase in value
The amount of shared appreciation is capped at 2.5 times the original loan amount

How much money can I borrow?

You can borrow up to 20% of the home purchase price or appraisal value, whichever is less.

How much money do I need to be able to contribute?

You can also choose to invest your own down payment savings and use this program to supplement your total down payment to help reduce the amount you will owe monthly on your primary mortgage.

Why does this program exist?

The ability to afford a home is slipping farther out of reach for many working Californians. Accessing homeownership and making a large down payment is often even more difficult for low-income communities and communities of color. The median home price in California reached $786,000 last year. For that price, a 20% down payment would be more than $157,000, which isn’t attainable for many low- to moderate-income first-time homebuyers. To help secure the future of California, the state is using some of its budget surplus to help struggling home buyers with this program.

When will this program be available?

CalHFA officially launched the program on March 27, 2023, although some of the approved lenders may not be ready to support homebuyers immediately.

Sign up with Emortgage Capital to make sure you’re equipped to take immediate action and take full advantage of the California Dream for All program, as well as other Landed homebuying support.

¹Cannot be combined with CalPLUS ZIP or MyHome
²Source: https://www.calhfa.ca.gov/homebuyer/borrower.htm

Landed, Inc. is a privately held corporation, which together with its subsidiaries and affiliates (collectively, “Landed”), provides homebuying education and related services. Landed is not a Lender. Landed does not sponsor and is not affiliated in any manner with the California Dream for All program, and is not responsible for the launch, administration, eligibility criteria and/or any other aspect of the California Dream for All program. The appearance of external hyperlinks on this webpage does not constitute endorsement by Landed of the linked websites, or the information, products or services contained therein, and the use and content of such websites is governed by the terms, conditions and policies applicable to such websites.