California’s Dream for All: A Guide for First-Time Homebuyers

What if you could buy a home in California sooner than you imagined, without waiting years to save for a down payment?

There’s a loan program that gives first-time and first-generation buyers the financial boost they need to step into homeownership now, while sharing in the potential future value of their home. Here’s how that program works:

The California Dream for All Shared Appreciation Loan is a state-backed program offered through the California Housing Finance Agency (CalHFA). It’s designed to help eligible buyers overcome one of the biggest hurdles in homeownership: the down payment.

Here’s what the program provides:

• Up to 20% of the home’s purchase price, capped at $150,000, for down payment and closing costs.
• No monthly payments on this assistance.
• When you sell, refinance, or pay off your first mortgage, you repay the original amount plus a share of the home’s appreciation, meaning CalHFA shares in the profit if your home increases in value.

This structure is why it’s called a Shared Appreciation Loan; the state partners with you in your home’s future value.

How the program makes homeownership possible. Take the example of a young couple who thought they’d be renting forever. They had good credit and stable jobs, but saving 20% for a down payment seemed impossible. By using the Dream for All program, they were able to buy their first home sooner, turning a long-standing dream into reality.

This program makes homeownership more achievable by:

• Allowing you to buy sooner without waiting years to save a full down payment.
• Potentially lowering monthly mortgage insurance costs, since the state helps cover a large portion of your down payment.

The trade-off is that when you eventually sell or refinance, you repay the original assistance plus a percentage of your home’s appreciation, aligning your success with CalHFA’s shared investment in your home.

Mark your calendar: Dream for All 2026 application window. The Dream for All program has a limited application window, which is important to note:

• Application opens: February 24, 2026
• Application closes: March 16, 2026

Because demand typically exceeds available funding, applicants are selected through a randomized lottery. If selected, buyers usually have around 90 days to shop for a home once conditional approval is granted.

Who qualifies for the program?. To be eligible for the Dream for All program, you must:

• Be a first-time homebuyer.
• Have at least one first-generation borrower (meaning their parents never owned a home).
• Meet county-specific income limits.
• Plan to occupy the home as your primary residence.
• Work with a CalHFA-approved lender.
• Complete the required homebuyer education course.

Getting pre-approved with a CalHFA-approved lender before the application opens is strongly recommended so you can submit your application as soon as the portal opens.

Take the first step toward homeownership. The California Dream for All Shared Appreciation Loan Program is an incredible opportunity for first-time and first-generation buyers who want to stop renting and start building equity.

If you want help figuring out whether you qualify or understanding the steps to take first, reach out anytime at (805) 239-9566 or email kandie@countryrealestate.com, or visit countryrealestate.com. I can guide you through the process and help make homeownership a reality.