I’m excited to share with you the many benefits of using CalHFA California Dream For All for your first-time home purchase.

This new down payment assistance program is a major deal to our household as my fiancee and I continue our search for our first home in San Diego, as well as each and every first time buyer in California. CalHFA Dream is a program specifically designed to help first-time homebuyers in California afford their dream home.

Here are just a few reasons why using CalHFA Dream could be the perfect choice for you:

CalHFA Dream for All offers down payment assistance:

One of the biggest challenges of buying a home is coming up with the down payment. CalHFA Dream offers down payment assistance in the form of a second loan to help you get over this hurdle. The loan is deferred, so you don’t have to make any payments on it until you sell the home or refinance your mortgage. The interest ranges up to 3%, which means that accrued interest is minimal compared to standard appreciation of a home year over year in California.

The down payment offered is up to 20% of the home’s value, that means no paying mortgage insurance. This significantly increases buying power for most buyers and ensures that monthly payments go toward building equity rather than wasted expenses on mortgage insurance.

CALHFA Dream has credit score flexibility:

CalHFA Dream understands that many first-time homebuyers may not have perfect credit. That’s why they offer more flexibility when it comes to credit scores. If you have a credit score of at least 640, you may be eligible for the program.

Education and counseling: Buying a home can be a complex process, especially if it’s your first time. CalHFA Dream offers education and counseling to help you understand the process and make informed decisions. They also provide resources and tools to help you manage your finances and plan for the future.

CALHFA Dream leaves refinancing opportunities:

CalHFA Dream is not just a one-time program. If you use the program to purchase your first home, you may also be eligible to refinance in the future. This can help you take advantage of lower interest rates or change the terms of your mortgage to better suit your needs. For example, most clients will likely refinance their home when rates drop and pay off the CalHFA loan entirely, never having to come out of pocket.

I plan to not miss this opportunity myself, so I will be experiencing the program first hand while making myself available to anyone who plans to do the same.

Reach out via email, call, or text (858-261-9705) any time to see if you are eligible for benefits from this program.