Best Down Payment Assistance Program? CalHFA "Dream for All"
CalHFA's new "Dream for All" down payment assistance program (DPA) provides a loan of up to 20% of the purchase price of a new home! Of course this can be used for the down payment, with no payments or interest accruing on this "silent second" mortgage loan.
The CalHFA Dream for All DPA program is a "shared appreciation" DPA program meaning that when the house is sold, refinanced or the title to the home is otherwise transferred (e.g. after a death), the original silent loan must be repaid along with a proportional percentage of the gain in value of the home (i.e. appreciation). So, if the first-time homebuyer takes a full 20% silent second loan for the down payment, they'll pay that down payment loan back after selling along 20% of any gain in value (that's $2,000 paid back per $10,000 in gained value). There is a a cap on the total amount one would need to pay back to the State of California - 2.5 times the original loan amount.
This new down payment assistance program for first-time homebuyers in California is a win-win for thousands of home shoppers. California is doing it's part to battle inflation and the high price of homes - we're here to help you land the home of your dreams.
Contact Vanda Fernandes, Realtor at 619-639-5139
Contact Jason Barlow, Mortgage Advisor at 760-566-8829 for your pre-approval
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