Dream for All Act

January 25, 2024

Dream for All Act

You haven't heard yet how HFA recently announced that they have $220 million to allocate to a second round of funding of The dream for all act. Reservations are estimated to start this spring. If you missed out on the first round, most people did. Funding for round one went lightning fast. But don't worry, they're going to do things a little bit differently this time.

So what is the Dream For All Act? Well, simply put, it's a down payment assistance program that provides a loan to first time homebuyers for up to 20% of the purchase price used toward down payment and closing costs. Of course, there's a lot of layers to this. There's qualifications that must be met. And we won't get into all the nitty gritty details here. I'm going to leave that up to my trusted lender partners. But to name a couple, one borrower must be a first time homebuyer. And not only that, but they must be a first generation homebuyer. There's also California residency requirements, income qualifications, and other guidelines that must be met.

So what should your first steps be? Well, get in touch with a CAL HFA approved lender because that's a requirement in itself anyway, and your CAL HFA approved lender will help you with all the logistics. I know of a few local lenders that are CAL FHA approved, so don't hesitate to reach out. I will get you in touch with them and get you moving in the right direction.

 


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