California housing programs · first-time homebuyer assistance
California Down Payment Assistance & CalHFA Dream For All
California's CalHFA Dream For All Shared Appreciation Loan helps first-generation buyers with the down payment and closing costs, structured as a zero-interest second loan. You repay the original amount plus a share of your home's appreciation when you sell, refinance, or pay off the first mortgage. At least one borrower must be first-generation (generally no home ownership in the past several years, and parents who have not owned a US home). The assistance amount, income limits, and eligibility are set per funding round and vary by county. Funding is limited and released in specific windows, often by random selection, so availability is never guaranteed. Check calhfa.ca.gov or ask Brett for the current program terms and whether enrollment is open.
Run your numbers
Principal & interest at 6.375% (avg 6/24/2026) over 30 years on $800,000. Taxes, insurance, and any mortgage insurance or program fees not included. Informational only, not a commitment to lend.
How it works
1. Check eligibility & timing
Confirm first-gen status, CA residency, income, and enrollment window
Verify that at least one borrower is first-generation (parents don't own a home in the US and you haven't owned in 7 years). Confirm you're a California resident and your combined income is below your county's CalHFA limit. Monitor calhfa.ca.gov for when the next application window opens. Dream For All runs in waves; you'll miss opportunities if you wait.
2. Pre-register and enter the drawing
Submit a pre-registration during the open window; CalHFA conducts a random draw
When CalHFA opens the Dream For All portal, pre-register with your basic information. The application window is typically 2-4 weeks (e.g., Feb 24 - Mar 16 in 2026). At least 10% of the funding targets Qualified Census Tracts. CalHFA then conducts a random drawing; this is not first-come, first-served. If selected, you receive a conditional approval voucher.
3. Apply with a CalHFA-approved lender & close with shared appreciation loan
Work with a CalHFA-approved lender; the Dream For All subordinate loan is subordinate to your conventional first mortgage
Once you have a voucher, partner with a CalHFA-approved lender to apply for the Dream For All Conventional first mortgage plus the subordinate shared appreciation loan. The subordinate loan covers your down payment and/or closing costs (up to 20%, max $150,000). Close with both loans in place. Your repayment obligation is triggered at the earliest of: sale, title transfer, refinance of the first mortgage, or payoff of either loan.
Why it wins
Up to 20% down, zero interest, no monthly payment.
The subordinate loan carries no interest and doesn't appear on your credit report as a debt. You don't make monthly payments, repayment is due only at sale, refinance, or payoff of the first mortgage.
Shared appreciation means you keep the upside, partially.
If your home appreciates, you share that gain with CalHFA. The amount you owe is the original loan plus a percentage of appreciation (1:1 or 0.75:1 depending on income). It's not a gift, but the low rate of repayment in a strong market can ease entry into homeownership.
Eligibility is stricter than first-time buyer.
You must be first-generation: your parents cannot own a home anywhere in the US, and you cannot have owned a home yourself in the past 7 years. Foster youth and those with out-of-home institutional care history also qualify. This targets buyers whose families never built home equity.
Funding and timing are unpredictable.
Dream For All runs in periodic rounds with limited dollars. 2026 had ~$150M-$200M for ~2,000 households. When one round closes, the next window may be months or longer away. Availability is not guaranteed. Always verify current enrollment status with CalHFA or your lender.
The numbers
Down payment help
Shared-appreciation second
a zero-interest loan toward your down payment and closing costs, capped by the current funding round
Repay at exit
Original plus a share
you repay the loan plus a share of appreciation when you sell, refinance, or pay it off
Limited funding
Released in rounds
specific application windows, often by random selection; availability is not guaranteed
First-generation
Core eligibility
at least one borrower a first-generation buyer; income limits vary by county
At least one borrower must be a first-generation homebuyer (no home ownership in 7 years, parents don't own), a California resident, a first-time homebuyer (or recent owner after 7-year gap), and have household income below the county-specific CalHFA limit. The program operates in enrollment waves with random-draw selection and limited funding; availability varies.
Who it fits
Brett Hickman, California mortgage loan officer (NMLS 2010859, Home First Financial Corp NMLS 2465048), writing for California first-time homebuyers and buyer's agents seeking current down payment assistance information.
- First-generation homebuyers (parents don't own a home in the US; you haven't owned in 7+ years)
- California resident buyers with income below county-specific CalHFA limits (roughly $150k-$300k, varies widely)
- Buyers wanting to put down 0-20% without mortgage insurance
- Buyers in Qualified Census Tracts (lower-income areas get priority funding)
- Borrowers ready to repay appreciation share at sale, refinance, or payoff (not those planning to keep the home forever without refinancing)
Straight answers
Your loan officer
Home First Financial
Brett Hickman
Mortgage Loan Originator · NMLS #2010859
+19493508005