Applications for the “California Dream for All Program,” which provides down payment support of up to $150,000 interest-free to first-time homebuyers, have begun. Online applications can be submitted at calhfa.ca.gov, and the deadline is 5 p.m. on April 29.
Last year, the first implementation ended early due to a large influx of applicants and $300 million in funds was exhausted in 11 days, but this time, new guidelines were revised, and application reception resumed. Last year, when it was implemented for 11 days, there were many speculations and rumors about the program as benefits were extended to residents who were able to purchase a home.
This time, the application qualifications were strengthened, and the first-come-first-served basis of benefits was changed to a lottery system. According to the new guidelines, eligible applicants must be residents who have not owned a home in the past three years and whose parents must not own a home. The income standard to receive benefits is up to 120 percent of the area median income, which includes annual income of $155,000 or less if you buy a home in Los Angeles County, and $202,000 or less in Orange County.
The subsidy is 20 percent of the purchase price of the home, and the maximum subsidy amount you can receive is $150,000. This time, approximately 1,700 to 2,000 people will be selected and receive vouchers to receive housing assistance.
The vouchers can be attached to a house contract to proceed with the purchase of a house.