Countdown until CalHFA Lottery
California Dream For All Phase 2: Pre-Registration Opens on April 3rd (3/4/2024)
Pre-registration for the 20% CA Dream-For-All Down Payment Assistance will open next month on April 3rd and close at 5PM April 29th.
The 9 districts are:
1. Bay Area – Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano and Sonoma Counties
2. Capital – El Dorado, Placer, Sacramento, and Yolo Counties
3. Central Coast – Monterey, San Benito, San Luis Obispo, Santa Barbara, Santa Cruz and Ventura Counties
4. Central Valley – Fresno, Kern, Kings, Madera, Merced, San Joaquin, Stanislaus and Tulare Counties
5. Inland Empire – Imperial, Riverside and San Bernardino Counties
6. Los Angeles – Los Angeles County
7. Orange County – Orange County
8. Rural Areas – Alpine, Amador, Butte, Calaveras, Colusa, Del Norte, Glenn, Humboldt, Inyo, Lake, Lassen, Mariposa, Mendocino, Modoc, Mono, Nevada, Plumas, Shasta, Sierra, Siskiyou, Sutter, Tehama, Trinity, Tuolumne and Yuba Counties
9. San Diego – San Diego County
The pre-registration steps are:
- Work with your LO to get the pre-approval letter
- Create your account on April 3rd
- Complete DFA application and upload the required docs
- Fill out parent’s information
- Submit
- CalHFA will make random selection and establish a waitlist
- Email notification will entail
- Selected
- Waitlisted
- Not selected
- Additional information needed.
Once selected, you have 90 days to shop for a home, get into a contract, and reserve the loan through CalHFA.
It’s not a race, but may the odds forever be in my borrower’s favor, so hit me up and let’s go!
Example of the California Dream For All Phase 2: In a Perfect World
California Dream For All Phase 2: What We Know So Far (Update 2/7/24)
Steps to Apply:
Step 1: Reach out to a CalHFA-approved loan officer, like myself, and get approved.
Step 2: Registration will open in April of this year for about 25–30 days. Once the portal opens, submit your application and register using the pre-approval letter issued by your loan officer.
Step 3: The portal closes, and eligibility screening commences.
Step 4: California will be split into nine separate geographic pools. Selection is made based on where you live, not where you plan to buy.
Step 5: The borrower is selected randomly in May, and a voucher is issued. A waitlist will be established in the event a borrower does not use their voucher. At least one borrower must complete two homeowner’s education courses.
Step 6: Selected borrowers will have 90 days to shop for a home, get into a contract, and provide their voucher number to the lender so they can reserve the loan in CalHFA‘s system.
Keep in mind that you can buy in a different county, but you will be subjected to the income limits of that county.
Ready to get the ball rolling or know someone who does? Contact me or share away.
DREAM FOR ALL HANDBOOK
Dream for All Phase 1 vs. Phase 2: The Difference
Amount Allocated for Program: $300 million (then) vs. $220 million (now).
Selection Process: First-Come, First Serve (then) vs. lottery-based or randomized (now).
Homebuyer: First-Time Homebuyer (then) vs. First-Time Homebuyer & First-Generation Homebuyer (now).
Income Limit: 2023 (then) vs. 2024 (now).
Available when: March 2023 (then) vs. May 2024 (now).
Down Payment Assistance Cap: None (then) vs. $150,000 (now).