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New California Dream for All Program-20% Down Payment Assistance

New California Dream for All Program-20% Down Payment Assistance

 

New State Program Launched!

California's New Dream For All Program Provides Assistance to First-Time Homebuyers.
 
The hardest part of buying your first home is often saving for the down payment. A New California program offers homebuyers up to 20% financial assistance.
 
 
This program is open to first-time homebuyers in California, meaning you’ve never owned a home. A first-time homebuyer is also someone who owned a home three or more years ago and sold it, according to the CalHFA.
 

How Does the California Dream For All Program Work?

The program offers first-time homebuyers in California a shared appreciation loan of up to 20% of the cost of the home.
 
If you’re buying a $500,000 home, you’d receive 20%, or $100,000, to help with a downpayment and closing costs.
 
Once the homebuyer sells their home at a later date, they would be required to pay back the 20% assistance, plus 20% of the home’s appreciation.
 
If your $500,000 home sells in five years for $700,000, you’d owe 20% of $200,000 appreciation — or $40,000 — in addition to the original loan.
 
If you sell your home and it hasn’t grown in value, you’d only pay back the original 20% loan, according to the California Housing Finance Authority,
 

What is Shared Appreciation?

An arrangement in which a lender or investor agrees to provide funds to a borrower in exchange for a share of the future appreciation in the value of a property or other asset. This type of financing can be particularly appealing to borrowers who may not qualify for traditional loans.
 
 

Program Features:

  • Shared appreciation loan structure
  • Loan for 20% of the purchase price
  • Repayment of the loan plus 20% of any appreciation in home value
  • Subordinate second mortgage
  • Down payment and closing cost assistance
  • No monthly repayment of subordinate silent 2nd assistance loan
  • Lower effective interest rate on loan (equal to the average annual appreciation in home's value)

Benefits:

  • CalHFA income limits for qualifying.
  • Lower monthly payment by avoiding private mortgage insurance (PMI)
  • Increased buying power due to larger down payment and lower payment
  • No monthly repayment until the property is sold, refinanced, or transferred
  • Lower loan amount
  • Greater flexibility and peace of mind for homeowners
This program has limited funds, so buyers need to act fast! Most lenders are guessing it will last for 3-4 months. What are you waiting for? Please call me with any questions, and let's connect!

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