California Housing Finance Agency
CalHFA Dream For All Shared Appreciation Loan
Up to 20% of the purchase price toward down payment and closing costs, repaid with a share of appreciation.
Money is still available but the agency has flagged it as running low. Move quickly.
Assistance amount
Up to $150,000 (about 20%)
Structure
Shared appreciation — repaid with a share of your gain
Where it works
California statewide
First-time buyer required
Yes, in most cases
Minimum credit score
680
Funding status
Limited funding · verified August 2026
Program overview
Dream For All is the most talked-about — and most competitive — assistance program in the country. It provides up to 20% of the purchase price (capped) toward your down payment and closing costs with no monthly payment. In exchange, when you sell or refinance you repay the original amount plus a share of the home's appreciation, typically 15% to 20% depending on your income. Funding is distributed by lottery-style voucher rounds and is exhausted almost immediately each cycle.
Best for: California first-generation buyers who can compete for a voucher round and want to buy sooner rather than save for years.
Who qualifies
- First-time buyer rule: You generally cannot have owned a primary residence in the last three years.
- Credit score: A 680 credit score is the practical floor, and the program is conventional-only.
- Income limits: Income limits are set by county and are stricter than standard CalHFA limits. At least one borrower must be a first-generation homebuyer — meaning your parents did not own a home in the US.
- Occupancy: Primary residence only; at least one borrower must be a first-generation homebuyer.
- Eligible loans: Conventional
- Homebuyer education: Required before closing. Start it early — certificates take days to issue.
Do you pay it back?
You repay the original assistance plus a share of your home's appreciation when you sell or refinance. Nothing is due monthly.
Check whether you qualify for CalHFA Dream For All Shared Appreciation Loan
The Finder compares your income, household size, credit band, county, and job to this program's published rules and tells you roughly what it is worth in dollars.
Advantages
- The largest assistance amount available anywhere in the country.
- No monthly payment on the assistance.
- Puts a conventional purchase within reach without years of saving.
- Can eliminate mortgage insurance by getting you to a larger down payment.
Things to consider
- You give up a share of your appreciation — the real cost is unknown until you sell.
- Vouchers are extremely limited and rounds close within days.
- First-generation homebuyer requirement excludes many applicants.
- Conventional financing only, with a higher credit bar than MyHome.
How to apply
- Confirm your household income against the current limit for your county and household size.
- Find a lender approved by CalHFA. You cannot use just any lender — the agency maintains a participating list.
- Get pre-approved on the first mortgage the program requires.
- Complete the homebuyer education course. Do this early; certificates take days to issue.
- Write the offer with the assistance disclosed and a realistic closing timeline.
Ask RED: “Explain CalHFA Dream For All Shared Appreciation Loan to me in plain English.”
Ask REDPairing it with a loan
Frequently asked questions
Do I have to pay CalHFA Dream For All Shared Appreciation Loan back?
You repay the original assistance plus a share of your home's appreciation when you sell or refinance. Nothing is due monthly.
How much money does CalHFA Dream For All Shared Appreciation Loan provide?
Up to $150,000 (about 20%). The exact figure depends on your loan amount, the option your lender selects, and the funding available at the time you reserve.
What credit score do I need for CalHFA Dream For All Shared Appreciation Loan?
A 680 credit score is the practical floor, and the program is conventional-only.
Do I have to be a first-time homebuyer to use CalHFA Dream For All Shared Appreciation Loan?
Yes. You generally cannot have owned a primary residence in the last three years. Veterans and buyers in designated target areas are often exempt — ask the agency.
Which loans can I use with CalHFA Dream For All Shared Appreciation Loan?
Conventional. The first mortgage has to come from a lender approved by CalHFA — you cannot bring your own lender and add the assistance to it.
What are the income limits for CalHFA Dream For All Shared Appreciation Loan?
Income limits are set by county and are stricter than standard CalHFA limits. At least one borrower must be a first-generation homebuyer — meaning your parents did not own a home in the US.
Do I have to live in the home?
Primary residence only; at least one borrower must be a first-generation homebuyer.
What credit score do I need for down payment assistance?
Most programs start at 620, some FHA-based programs go to 640, and a handful of manually underwritten paths accept 580. A higher score usually unlocks a larger assistance tier and a better interest rate.
Do I have to be a first-time buyer?
Usually, but 'first-time buyer' almost always means you have not owned a home in the last three years — not that you have never owned one. Some programs waive it entirely for veterans, for buyers in targeted areas, or for certain professions.
Other programs California buyers can use
Chenoa Fund Down Payment Assistance
Chenoa Fund · Nationwide
Up to $25,000 (about 5%)
A nationwide 3.5% or 5% second mortgage that covers the entire FHA down payment, available in nearly every state.
Program detailsGSFA Platinum Down Payment Assistance
GSFA · California statewide
Up to $27,000 (about 5.5%)
Up to 5.5% of the loan amount as a gift or forgivable second, with no first-time buyer requirement.
Program detailsCalHFA MyHome Assistance
CalHFA · California statewide
Up to $15,000 (about 3.5%)
Up to 3.5% of price for down payment or closing costs. Deferred silent second — no monthly payment.
Program detailsCalHFA Forgivable Equity Builder
California Housing Finance Agency · California statewide
Up to $30,000 (about 10%)
Up to 10% of purchase price — fully forgiven after 5 years of owner-occupancy.
Program detailsRelated resources
- The complete California homebuyer guide
- All California assistance programs
- How much home can I afford?
- FHA loan requirements
- Conventional loan requirements
- Run my Readiness Score
- Down Payment Assistance Finder
- How to use the DPA Finder (user guide)
- The Homebuyer's Knowledge Center
- Down payment assistance explained
- Ask RED a question
ReadinessIQ is a Homebuyer Readiness Platform, not the agency that funds these programs. We publish what the agencies publish, link to the official source, and tell you when a rule is likely to change. The agency and your lender make the final call on who qualifies.