CalFHA Dream for All Shared Appreciation Loan

CalHFA Dream for All

Shared Appreciation Down-Payment Assistance Program

CalHFA provides a unique offering to help Californians build and pass on intergenerational wealth--the Dream For All Shared Appreciation Loan. This loan seeks to increase equitable access homeownership for first-time home buyers, granting up to 20% of the purchase price towards down payment or closing costs.

With CalHFA, savvy homebuyers can take advantage of multiple down payment assistance loans and/or grants to get the most out of their affordability options. However, The MyHome Assistance Program cannot be combined with a Dream For All Conventional first mortgage when using the Shared Appreciation Loan--which must always remain in second lien position if layering is desired.

January 18, 2024 Update

Let us help structure and prequalify your buyers for the lottery is April 2024.

January 18, 2024: CalHFA published the official program guidelines for the 2024 Dream for All Shared Appreciation Loan Program. A summary of the new program guidelines is below. We can now review your eligibility for the program and issue preapprovals while we wait for the CalHFA registration and lottery system to be published. 

  • Income limits have changed. The complete list of all California County income limits.

    • Los Angeles - $155,000

    • Orange - $202,000

    • Riverside - $149,000

    • San Diego - $185,000

  • Borrower(s) must be first-time homebuyers

  • At least one borrower must be a First-Generational Homebuyer:

  • Cannot have held an ownership interest in a home, been on title, or named in a mortgage in the past 7 years

  • Homebuyer's parents do not have any present ownership interest in a home in the United States

  • Borrower(s) are eligible for 20% or $150,000 in assistance - whichever is less

  • The cap on additional down payment provided by the borrower is 5%

  • CalHFA is currently working on its registration and lottery system, set to launch April 2024

  • Pre-approvals must be obtained in-order to register for the lottery system.

Make sure you get in on this great program while funds are available. See if You Are Eligible Now
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***WARNING: This program is available today and ONLY has a fund of $300MM. ***
Buyer Requirements:

Each borrowers must:

  • Be a first-time homebuyer. See the definition of a first-time homebuyer.

  • Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.

  • CalHFA borrowers must complete two levels of homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.

  • Meet CalHFA income limits for this program.

First-Time Homebuyer By Definition:

To qualify for the Shared Appreciation Loan, all borrowers, including co-borrowers must reside in the home and meet the definition of a first-time homebuyer.

A first-time homebuyer is defined as a borrower who has not had an ownership interest in any principal residence or resided in a home owned by a spouse during the past three years.

Owner Occupancy:

  • All borrowers must occupy the property as their primary residence within sixty (60)

    days of closing.

  • Non-occupant co-borrowers are not allowed.

  • Non-occupant co-signors are not allowed.

Property Requirements:

  • Be a single-family, one-unit residence, including approved condominium/PUDs

  • Guest houses, granny units and in-law quarters may be eligible

  • Manufactured housing is permitted

  • Condominiums must meet the guidelines of the first mortgage*

Homebuyer Education Requirement:

CalHFA firmly believes that homebuyer education and counseling is critical to the success and happiness of a homeowner, and requires homebuyer education and counseling for first-time homebuyers using a CalHFA program.

Who has to take this Homebuyer Education and Counseling course?

  • Only one occupying first-time borrower on each loan transaction.

How do I take this education and counseling course? (copy ***Information Needed for Sign-Up*** below)

  • ONLINE: eHome's eight-hour Homebuyer Education and Counseling course is the only online course accepted by CalHFA. (fee: $99) Other online courses like Frameworks and HomeView are not acceptable because they do not provide a one-hour, 1-on-1 counseling follow-up session.

  • IN-PERSON or VIRTUAL: Live Homebuyer Education and Counseling in-person or virtually though NeighborWorks America or any HUD-Approved Housing Counseling Agency

    (fee: varies by agency)

***Information Needed for Sign-Up***

Lender Name: Solve Lending & Realty

Loan Officer's Name: Kenji Inui

Loan Officer's Email Address: [email protected]

Loan Officer's NMLS Number: 1124625

Loan Officer's Phone Number: (714)312-7875

Loan Officer's Fax Number: (833)276-5834

Loan Type: Conventional

How did you hear about us: Lender

Shared Appreciation is a little more complex than a typical mortgage loan, so we’ve put together a few examples for you. Shared Appreciation Examples:

Example 1: Homebuyer income is CalHFA

  • Dream For All provides a loan for 20% of the home purchase price.

  • The homeowner pays back the original loan amount plus 20% of any appreciation in the value of the home.

Example 2: Homebuyer income is less than or equal to 80% AMI using the HomeReady Lookup Tool

  • Reduced (0.75:1) program appreciation share

  • Program appreciation share is equal to 0.75 times the Shared Appreciation Loan Amount (i.e., the original principal amount) as a percentage of the home value

  • Dream For All provides a loan for 20% of the home purchase price.

  • The homeowner pays back the original loan amount plus 15% of any appreciation in the value of the home

18000 Studebaker Rd. Suite 700

Cerritos, CA 90703

Phone: (833)2-SOLVE-4

[email protected]

Company NMLS ID: 2013271

www.nmlsconsumeraccess.org

Equal Lender Opportunity

Equal Housing Opportunity

Company DRE ID: 02123993

www2.dre.ca.gov/PublicASP/pplinfo.asp

For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.

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