What Are the Occupancy Requirements for the California Dream For All Shared Appreciation Loan?

Primary Residence Requirement

The California Dream For All Shared Appreciation Loan is designed to help first-time, first-generation homebuyers purchase a home that will serve as their primary residence. As such, there are strict occupancy requirements that all borrowers must meet.

60-Day Occupancy Rule

All borrowers who are part of the Dream For All loan must occupy the purchased property as their primary residence within 60 days of closing. This means that you must move into the home and use it as your main place of residence within this timeframe.

No Non-Occupant Co-Borrowers or Co-Signers

The Dream For All program does not allow for non-occupant co-borrowers or co-signers. All individuals listed on the loan must intend to live in the home as their primary residence.

Why Occupancy Matters

The California Dream For All Shared Appreciation Loan is a program designed to promote homeownership and help families build intergenerational wealth. By requiring all borrowers to occupy the home as their primary residence, the program ensures that the benefits of the loan go directly to those who will be living in and maintaining the property.

Additionally, primary residence loans often have more favorable terms and interest rates compared to loans for investment properties or second homes. By limiting the Dream For All loan to primary residences, the program can offer more affordable and accessible financing options to first-time, first-generation homebuyers.

Tennant Lending: Helping You Meet Occupancy Requirements

At Tennant Lending, we understand the importance of meeting the occupancy requirements for the California Dream For All Shared Appreciation Loan. Our knowledgeable mortgage professionals will work with you to ensure that you understand these requirements and have a plan in place to move into your new home within the 60-day timeframe.

We'll also help you navigate the other eligibility criteria for the Dream For All loan, such as the first-time and first-generation homebuyer requirements, income limits, and property requirements. Our goal is to make the homebuying process as smooth and stress-free as possible, so you can focus on enjoying your new home.

Contact Tennant Lending today to learn more about how we can help you meet the occupancy requirements for the California Dream For All Shared Appreciation Loan and achieve your dream of homeownership.