California Dream for All Program for First Time Home Buyers
It’s been a busy week with a focus on the California Dream For All Program. It is an amazing opportunity for a first generation AND first time home buyer.
It is such and uphill when you have a young family and you are desperately trying to save up for a downpayment on your first home. Your parents may be able to step in and help as many do, however for many even that sort of money is out of reach especially if your parents are not around anymore, making it impossible to see that dream through.
We are here to help you navigate throgh this process as it can be one of the most stressful financial decisions you will ever have to make to secure your future and leave a legacy behind your kids can be proud of.
Wanting to own your first home is one of the biggest investments you will ever make in your lifetime. However that dream is out of reach for so many as the cost of living crisis gets worse, making it near impossible to save for a downpayment on a home.
Enter the California Dream For All Program! What a life changing opportunity for those of you who are struggling to save up for a downpayment on your first home?
The California Dream For All Program
This is a downpayment assistance program which has been implemented by the State of California to help thousands of Californians get into their first home each year.
In 2023 the State offered $300 Million to first time homebuyers. It was gone within days. It helped over 2000 people to get into their first home. Our team helped a big chunk of these buyers who may not have been able to get into their first home had it not been for this program.
This year the State is offering $200 Million. However, the qualification criteria is slightly different in that you HAVE to not only be a FIRST TIME HOMEBUYER but also a FIRST GENERATION HOMEBUYER.
What is a First Time Home Buyer?
Someone has not owned their own titled home in 7 Years.
What is a First Generation, First Time Home Buyer?
Someone whose parents did not have any legal or financial ownership rights to own a property in the USA when they passed away. Thus target people who really need and deserve to own their first home.
How does the program work?
You will receive a downpayment loan which is 20% of the purchase price OR $150,000 whichever is lower.
Where Do Find More Information About the Program?
Visit the California Dream For All Website which provides a step by step process so you can learn the rules to see if you meet the qualification criteria. Alternatively you can team up with a Mortgage Broker and/or a Real Estate Broker liker ourselves to help you through the entire process.
When Do Applications Open?
Applications Open in April hence it is best to get onto it now, so that you can polish up on your credit score and find a mortgage broker to work with you to ensure you do not miss out on this wonderful once in a lifetime opportunity.
Check Out our Detailed First Time Home Buyer Here
Got questions or need more advice on the program? Contact Us Today