California’s first-time homebuyer assistance program is opening back up.
Between Tuesday, Feb. 24 and March 16, first-generation homebuyers in California can apply for Dream for All, a down payment loan of up to $150,000, offered by the California Housing Finance Agency. A lottery system will select approximately 1,300 eligible applicants who are either buying properties on their own or in a pair.
When those borrowers resell their homes later on, the CalHFA program requires homeowners repay 15% to 20% of the appreciated value to a fund that program leaders hope will sustain Dream For All for the long run.
This will be the third round of the now 4-year-old program that launched in March 2023.
Despite enthusiasm for the loan in past years, Orange County-based mortgage officer Rajat Jetley has noticed interest taper off ahead of this third rollout, attributing the disinterest to relentlessly high home prices.
“It’s possible people have done the math and figured out even with 20% it’s still a sizable payment that they don’t feel comfortable making,” Jetley said. “It’s still outside their budget.”
More on Dream for All
—To apply for the lottery, go to calhfa.ca.gov/dream/#nextsteps
—The program is open Feb. 24 to March 16.
—Call 877.9.CalHFA or 1-877-922-5432 for more instructions
—Instructions are available in Spanish, Vietnamese, Chinese, Korean and Tagalog
Related Articles
Reverse 1031 exchange: How to tap equity for your next house Want lower home prices? Cut incentives for house investors Why a liar loan is one easy option for self-employed homebuyers Real estate broker, 3 others accused in fraudulent sale of $1.5 million home in Burbank First-gen California homebuyers can soon apply for $150,000 down payment loans
Hence then, the article about california opens third dream for all down payment program on tuesday was published today ( ) and is available on Los Angeles Daily News ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( California opens third Dream for All down payment program on Tuesday )
Also on site :
- Anthropic accuses Chinese AI labs of mining Claude as US debates AI chip exports
- Canaan Inc. Acquires Cipher Mining's Interest in Multiple Operational Mining Projects Totaling ~4.4 EH/s in West Texas
- Iran banks big on murky oil ‘trustees’ as war with US on the horizon