California’s Dream For All program reopens applications on February 24, offering down payment assistance to first-time homebuyers and aiming to address the state’s housing affordability crisis.
Starting February 24, aspiring homeowners across California will have a renewed opportunity to purchase their first home as the California Housing Finance Agency (CalHFA) opens applications for its Dream For All Shared Appreciation Loan program. This initiative, designed to assist first-generation homebuyers, has already transformed the lives of thousands by providing crucial down payment support.
The Dream For All program can offer up to 20% of a home’s purchase price or appraised value to help cover down payment costs. Due to the overwhelming demand for assistance, CalHFA will implement a random selection process to ensure a fair distribution of state funds. For the 2026 fiscal year, the agency anticipates making between $150 million and $200 million available, with Governor Gavin Newsom mandating that at least 10% of these funds be reserved for applicants residing in Qualified Census Tracts.
The application period will remain open until March 16. After this date, submitted applications will be selected and audited. Those who receive conditional approval will have 90 days to find and purchase a home, transforming what often seems like a distant dream into a tangible opportunity.
“The California Dream For All program has already helped thousands of Californians buy their first home,” said CalHFA Executive Director Tony Sertich. “As these homeowners begin to repay their loans, the funds are reinvested into the program to create a cycle that will continue far into the future, planting the seeds of generational wealth to help keep the California dream alive.”
To apply, prospective buyers must collaborate with one of CalHFA’s Approved Lenders to obtain a pre-approval letter prior to submitting their application. Additional documentation is required, including a government-issued ID and parental information. A comprehensive checklist and further program details can be found on the Dream For All webpage.
For families like Craig Terry’s, the program has been life-changing. Terry, a youth program manager in Grass Valley, never believed homeownership was within reach. “I didn’t think there was any way we could afford a house, especially in this area,” he shared. After applying for Dream For All, he and his wife were initially placed on a waiting list. Months later, they received approval and successfully purchased their home in August 2024. “It was a waiting game,” Terry reflected. “Then, it got very real, very quickly.”
Dream For All addresses California’s housing affordability crisis from multiple perspectives. By providing substantial down payment assistance, the program can eliminate the need for mortgage insurance and significantly lower monthly payments. According to California Forward, a nonprofit policy advocacy organization, the shared appreciation loan saves the average homebuyer approximately $1,200 per month.
Borrowers must meet CalHFA’s income limits, which vary by county. For instance, the income limit is approximately $148,000 in Del Norte County, $168,000 in Los Angeles County, and $309,000 in Santa Clara County.
The program’s future is bolstered by significant state investment. The 2025–26 State Budget allocated $300 million to Dream For All, which is expected to assist an estimated 2,000 additional households, including those currently on the waitlist. As homes are sold, the state recovers the original down payment along with a proportionate share of the home’s appreciation, allowing these funds to be recycled for future first-time buyers.
For many Californians, Dream For All represents more than just financial assistance; it serves as a gateway to stability, opportunity, and a lasting stake in the California dream.
The California Housing Finance Agency was established in 1975 with the mission of helping more Californians find a place to call home. To date, CalHFA has assisted over 233,000 low- and moderate-income homebuyers with $43.5 billion in first mortgages and has financed the construction and preservation of more than 85,000 rental housing units across the state with $12.8 billion. As a self-supported state agency, CalHFA does not rely on taxpayer dollars for its operational costs but administers various state and federal resources through targeted programs. For more information on CalHFA programs and its investment in diverse California communities, visit www.calhfa.ca.gov or call toll-free at 877.9.CalHFA (877.922.5432).
According to India Currents, the Dream For All program continues to be a vital resource for first-time homebuyers in California.