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First Time Homebuyers: Buy a Home with No Down Payment and No Mortgage Insurance!


What’s Happening

Here’s a golden opportunity for all first time homebuyers: The California Dream For All Program announced recently allows home buyers in California to receive up to 20% down payment assistance. Please ACT NOW as the the funds allocated to this program are limited and will run out soon!

Program Eligibility

  • Your maximum total Debt-to-Income (DTI) ratio cannot exceed:

• 50.00%, for borrowers with credit scores greater than or equal to 700
• 45.00%, for borrowers with credit scores between 680− 699

  • Minimum Credit Score

• The minimum credit score is 680 for borrowers with income greater than the HomeReady 80% AMI LI income limit
• The minimum credit score is 660 for borrowers with income less than or equal to HomeReady 80% AMI LI income limit


By The Numbers


  • 20% loan must be used towards the downpayment and closing costs –  funds may not be used to pay off debt / no cash back allowed

  • 20% loan does not accrue interest. It is a silent second attached to the home that must be paid back upon sale of the property

  • 20% of any equity gained must be paid to the Agency

  • During the life of the Shared Appreciation loan, CalHFA will allow borrowers to refinance the first mortgage to lower the interest rate without requiring immediate repayment of the shared appreciation loan one time, as long as they comply with CalHFA subordination policy 

Frequently Asked Questions


  • What does “Shared Appreciation” mean?

Shared Appreciation means that since the California State Housing Finance Agency is investing (partnering) in your ability to purchase a home that will build generational wealth for you, that you will split or share a small percentage of the increase in the value of the home when you sell, transfer ownership, or refinance

Shared Appreciation Example
  • Do I have to pay back my Subordinate Liens?

    Yes; you signed both a Note and Deed of Trust. CalHFA subordinate financing is secured by a recorded lien on the property. If you pay off the first by selling the property, refinancing the first mortgage, or at maturity of the first mortgage, transfer title to the property, or allow others to assume the first mortgage, the subordinate financing becomes due and payable. These loans are not forgivable, nor do they go away after a period of time.

  • Why is my loan called a “Silent Second”?

    Your CalHFA Subordinate Loan is referred to as “Silent” because there are no monthly payments required. While you can make payments on the loan to reduce accrued interest, or principal, no payments are required until the loan is called due, at maturity of the first, sale of the property, transfer of title, a refinance or assumption of the first.