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The California 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.

A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs).

FHA provides mortgage insurance to FHA-approved lenders to protect these lenders against losses if the homeowner defaults on the loan. The cost of the mortgage insurance is passed along to the homeowner. The standards for qualifying for these loans are generally more flexible than for conventional loans.

A first-time homebuyer is an individual or household purchasing a residential property for the first time. Typically, these buyers have not owned a home within the past few years, if ever. First-time homebuyers often face unique challenges and opportunities compared to repeat buyers, including eligibility for certain government programs and financial assistance. They may be navigating the complexities of mortgage loans, down payments, and understanding the real estate market for the first time.

A home equity line of credit (HELOC) is a revolving loan. The lender agrees to lend up to a maximum amount within a set period, called the term or draw period. The borrower’s property is used as collateral to secure the loan.

A jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises (GSE), Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender.

Tennant Lending’s Personal Finance articles discuss basic topics in personal finance--including mortgages, consumer debt, investing basics, saving, and more. These articles are educational in nature and should not be read as investment advice.

Refinancing is the replacement of an existing debt obligation with another debt obligation under a different term and interest rate.

A seasoned homeowner is an individual who has owned and lived in one or more properties for an extended period, typically beyond the initial challenges of purchasing a first home. They are experienced in navigating the responsibilities of homeownership, such as managing mortgage payments, property maintenance, and understanding the real estate market. Seasoned homeowners may have built equity in their properties, allowing them to leverage their assets for future investments or upgrades.

A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture, Rural Development.

A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction.