California has relaunched the Dream For All program to assist low- to moderate-income households in California purchase a home.
This is the second round of funding that will be handed out by the state.
The big picture: The Dream For All program will offer first-generation homebuyers up to 20 percent of their home purchase price in downpayment assistance.
- In total, the program will give out $250 million.
- The California Housing Finance Agency oversees the program.
- Nonprofit policy advocacy organization California Forward expects the program to save the average homebuyer by about $1,200 per month in part because the assistance will eliminate the need for mortgage insurance.
State of play: Applicants in Fresno County must have an income no greater than $132,000 annually.
- The second round of the program expects to give out 1,600-2,000 vouchers.
What we’re watching: CalHFA is accepting applications for downpayment assistance through April 29.
- Following that, applications will be drawn and audited, and people who receive the vouchers will have 90 days to shop for a home.
What they’re saying: “The California Dream For All program is all about opening doors for first-generation homebuyers and offering more opportunities for future generations,” said CalHFA Executive Director Tiena Johnson Hall. “Homeownership has many financial benefits, from building equity that can help fund a college education to providing stable housing costs without the worry of rent increases.”
