10/18/2023

Since mid-July, after we shared the latest news about the 20% down payment assistance program Dream for All Program in California, we have been continuously receiving inquiries from many customers. They are concerned about whether this program will restart in the fall of this year, if there have been significant changes, and whether they can apply for pre-approval priority slots. Some customers even say, “I just want to wait for this product to come out before buying a house.”

In fact, at the time the news was announced, we explained to interested customers that this product is currently only expected to announce a timetable in the fall, which does not mean that the project has already restarted or will restart in the fall. At the same time, we also contacted the staff of the California Housing Finance Agency (CalHFA) at the first opportunity to verify, and indeed, there has been no notification of the project’s restart.

However, since the news was released, many consumers have made some real estate agents and mortgage banks unable to hold back. They have claimed on social media that the project has already begun, they have some internal contacts to queue up and secure slots in advance, and they can even provide pre-approval for loans, leading to a frenzy of customer inquiries. This situation has intensified with the arrival of autumn.

Finally, this matter escalated to the point where CalHFA couldn’t ignore it.

Recently, CalHFA released a video about the “Dream for All” assistance program. They clarified some recent false rumors and also announced new aspects of the “Dream for All” assistance program. As mentioned earlier, the fall timetable is expected to be released later this month, but this is only a timetable, not a complete project plan.

The good news is that the “Dream for All” assistance program is expected to officially launch next year, and the application process will be completely different from that of April this year. Now, let’s take a look at the new highlights of this program!

Process Updates: Although it is not 100% confirmed, CalHFA plans to release a separate pre-registration system when the project starts. Detailed plans will be made available in advance for customers to upload the required documents on the website. The website will be open for registration during the designated period and then close.

Eligibility Acquisition: Because the funding for this program is limited, for the sake of fairness, this project will undergo pre-screening and then distribute coupons to eligible customers randomly, similar to a lottery, based on their geographical location. Even if customers successfully obtain coupons for this program, they will have a specified time to purchase a new home, so they don’t need to worry if they haven’t found a suitable property yet.

It’s worth mentioning that if customers can’t wait for the “Dream for All” assistance program to restart, they can also consider CalHFA’s MyHome Assistance program. This program is also a subsidy for first-time homebuyers, and customers can retain all the appreciated value of the property without sharing it. If you are interested in this program, please don’t hesitate to contact us!

Statement: This article was edited by AAA LENDINGS; some of the footage was taken from the Internet, the position of the site is not represented and may not be reprinted without permission. There are risks in the market and investment should be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situation or needs of individual users. Users should consider whether any opinions, opinions or conclusions contained herein are appropriate to their particular situation. Invest accordingly at your own risk.