California’s highly sought-after Dream For All Shared Appreciation Loan Program is returning this spring with $250 million in down payment assistance, creating a major opportunity for eligible first-time buyers.
After the initial launch rapidly exhausted funding, the program has been redesigned to improve fairness, accessibility, and borrower diversity across the state.
If you are a first-generation homebuyer in California, this program could significantly reduce the biggest barrier to homeownership — the down payment.
Why The Dream For All Program Matters
For many aspiring homeowners, saving for a down payment remains the single largest obstacle. Rising property values, high interest rates, and inflationary pressures have made entering the housing market increasingly difficult.
The California Housing Finance Agency (CalHFA) created Dream For All to help bridge this gap by providing shared appreciation loans that assist buyers with upfront costs.
Under the current guidelines, qualified participants may receive:
✅ Up to 20% of the purchase price
✅ Maximum assistance of $150,000
✅ No monthly payments on the assistance portion
This structure allows buyers to preserve cash while still becoming homeowners.
Major Change: Lottery System Replaces First-Come, First-Served
Unlike the prior release, the upcoming Dream For All funding round will use a lottery-based selection system rather than a speed-based application race.
This adjustment aims to ensure equitable distribution of funds and reduce the pressure of immediate submission windows.
Eligible buyers will be able to submit their entries during the official application period.
How The Dream For All Lottery Works
The program will focus primarily on first-generation homebuyers, a key eligibility requirement designed to expand homeownership opportunities.
Prospective participants should begin preparing early by working with an approved lender or loan professional prior to the lottery window.
Selected winners will receive vouchers and typically have a limited timeframe to secure a property.
Repayment Structure – Understanding Shared Appreciation
Dream For All assistance is not a grant. Instead, it functions as a shared appreciation loan, meaning repayment occurs when the home is sold or refinanced.
Borrowers repay:
• The original assistance amount
• A percentage of the property’s appreciation
This revolving structure allows future buyers to benefit from the same funding pool.
California Housing Market Conditions
Despite slower transaction volume, California home values remain historically elevated across many regions:
• Los Angeles & Orange County – Typical values exceeding $900,000
• Ventura County – Approx. $831,000
• Inland Empire – Near $560,000
Programs like Dream For All can meaningfully improve purchasing power in high-cost markets.
Why Early Loan Preparation Is Critical
Lottery selection does not guarantee loan approval.
Buyers must still qualify under standard mortgage guidelines, including:
✅ Income verification
✅ Credit analysis
✅ Debt-to-income evaluation
✅ Asset documentation
Preparing financing in advance dramatically increases the ability to act quickly if selected.
Start Your Dream For All Pre-Approval
At VA Fast Loans, we help California buyers properly structure their mortgage strategy before program entry deadlines.
Getting pre-approved early provides:
✔ Clear budget clarity
✔ Faster closing timelines
✔ Stronger purchase offers
✔ Reduced transaction risk
Apply & Check Eligibility
To determine whether you qualify and prepare your file: