California Dream for All first-time homebuyer program opens again in April

SOUTH LAKE TAHOE, Calif. - The California program to help first-time, first-generational home buyers with a down payment will be starting again in April, and for those interested in being part of it the time is now to start preparing.

The California Dream for All program exhausted approximately $300 million of funding within 11 days last year. It was a first-come-first-served loan program in 2023, and for 2024 it will award funds on a lottery system.

The down payment assistance program opens again to California residents on April 3. The state has about $250 million on the table, which is expected to assist between 1,600–2,000 new applicants, said Eric Johnson, a spokesperson for the California Housing Finance Agency (CalHFA).

Premier Mortgage Resources Branch Manager David Greco said there are also other programs including Arrive Home DPA. This will provide a 3.5 percent forgivable down payment for FHA purchase or up to 5 percent repayable. In Nevada, there is NV Rural, an agency that provides 1-4 percent DPA through Home at Last, and a flat $25,000 in Home Means Nevada if you buy in a community with under 150,000 population.

Greco said the California Dream for All appreciation program is a bit different in a few ways.

"This one provides 20 percent down (up to $150,000) so that there is no need for mortgage insurance," said Greco. "At least one borrower must be a first-generation homebuyer and all borrowers must be first-time homebuyers, meaning that they must not have owned a home within the last three years."

This loan is repayable when the house sells, some of the other programs are forgivable. The window for applying is April 3 at 8 a.m. – 29. To apply, visit https://www.calhfa.ca.gov/dream/index.htm#appreciation.

Questions? Contact Greco at 530-318-2853, 297 Kingsbury Grade Ste. 207, Stateline.