When the CA Dream for All program came out there was a gold rush to California's available housing inventory. CALFHA previously said that they would launch the Dream For All (DFA) program for a second time in Fall 2023. As we inch closer to Winter 2023, it looks like the program is moving to 2024 with updates. Here are some of the proposed updates:
Program Relaunch: Proposed release date in March 2024
Boosted Budget: Total funding available to be $255 million
Affordability Index: Max income set to 120% of the Area Median Income (AMI)
Max Dream Contribution: Dream will provide the lesser of $150k or 20%
Max Personal Contribution: Your maximum contribution capped at 5%
Voucher and Lottery System: CalHFA is planning to implement a portal that will establish a voucher and lottery system for the selection process; no longer first-come-first-serve
Time Limit for Voucher Usage: Borrowers selected through the voucher system will have a specified time limit to enter into a contract for the purchase of a home
Maximum Sales Price: The proposed maximum sales price for homes eligible under this program is set at $800,000 – this is not definitive
Last DFA program, Reframe's agents accounted for nearly 1% of the available funds. We're updating our home buyers in Southern and Northern California with updates. Sign up for updates here.
Happy House Hunting!
You’ve got questions and I can’t wait to answer them.