California Dream For All Shared Appreciation Loan

Program Highlights | Eligibility | Documents Needed | Shared Appreciation

The Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs.

Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home.

If you applied in previous rounds and were placed on a waitlist or received a DFA voucher, you may access the Voucher Portal to view your voucher status, download a copy of your voucher, request a one-time extension, or cancel your voucher.

Voucher registration will open again in early 2026.
Start preparing now.

Program Highlights

Offers up to 20% for down payment or closing costs, not to exceed $150,000
Homebuyer must register for a voucher. A randomized drawing will select registrants who will receive the voucher. This will not be first come, first served.

Eligibility

One borrower must be a first-generation homebuyer.
One borrower must be current resident of California.
All borrowers must be first-time homebuyers.
Income must meet CalHFA Income Limits for the county you are purchasing in.

Documents Needed

California Dream For All (DFA) Lender Pre-Approval Letter
Government ID: Passports, driver�s license, state-issued ID, military ID, permanent residence cards, visas or employment authorization documents
Foster care documentation (if applicable): Foster Care Verification Form/Letter or court documents
The DFA Voucher application will require information for both parents of the designated first-generation borrower(s) including:
- Name
- Date of birth
- Date of death (if applicable)
- Current address
Proof of parent relationship
- Birth Certificate
- Adoption papers
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Shared Appreciation

Shared Appreciation is a little more complex than a typical mortgage loan, so we�ve put together a few examples for you.

Shared Appreciation Examples
Example 1
	Borrower is a moderate-income homebuyer Dream For All provides a loan for 20% of the home purchase price. The homeowner pays back the original loan amount plus 20% of any appreciation in the value of the home.
Example 2
	Borrower income less than or equal to 80% AMI using the HomeReady Lookup Tool Reduced (0.75:1) program appreciation share Program appreciation share is equal to 0.75 times the Shared Appreciation Loan Amount (i.e., the original principal amount) as a percentage of the home value Dream For All provides a loan for 20% of the home purchase price. The homeowner pays back the original loan amount plus 15% of any appreciation in the value of the home