California Dream

Dated: April 3 2023

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California Housing Finance Agency (CalHFA) has created the California Dream program to help make affordable homeownership a reality for Californians.

What is the California Dream Program?

The California Dream program is a statewide initiative that provides affordable mortgage financing to low- to moderate-income homebuyers. The program offers competitive interest rates and down payment assistance to help make homeownership more affordable and accessible.

The program is available to first-time homebuyers and those who have not owned a home in the last three years. It is also available to those who are purchasing in designated high-cost areas or who meet certain income requirements.

How Does the California Dream Program Work?

The California Dream program works by offering a variety of mortgage financing options to eligible homebuyers. These options include fixed-rate mortgages, adjustable-rate mortgages, and FHA loans. The program also offers down payment assistance in the form of a deferred-payment junior loan, which means that borrowers do not have to make payments on the loan until they sell or refinance their home.

The "California Dream for ALL Program" details

The program also offers homebuyer education and counseling to help guide borrowers through the homebuying process and ensure that they are prepared for the responsibilities of homeownership.

Who Can Benefit from the California Dream Program?

The California Dream program is designed to benefit low- to moderate-income homebuyers who may not have access to traditional mortgage financing. The program is available to first-time homebuyers and those who have not owned a home in the last three years, as well as those who are purchasing in designated high-cost areas or who meet certain income requirements.

The program is also designed to benefit the broader community by promoting homeownership and strengthening neighborhoods. By helping more Californians achieve the dream of homeownership, the program can help build stronger communities and provide a pathway to greater financial stability and security.

How Can You Apply for the California Dream Program?

If you are interested in applying for the California Dream program, the first step is to find a CalHFA-approved lender in your area. These lenders have been approved by CalHFA to offer the program to eligible homebuyers.

Once you have found a lender, you can begin the application process. This typically involves submitting documentation such as tax returns, pay stubs, and bank statements to verify your income and assets. You will also need to complete a homebuyer education course to help prepare you for the responsibilities of homeownership.

The "California Dream for ALL Program" details

Conclusion

The California Dream program is a valuable resource for Californians who are looking to achieve the dream of affordable homeownership. By offering competitive mortgage financing and down payment assistance, the program helps make homeownership more accessible and affordable for low- to moderate-income homebuyers. If you are interested in learning more about the program and whether you qualify, contact a CalHFA-approved lender today.

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Tricia Garcia & Steve Hise

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