Understanding the Requirements for Your Dream Home

When searching for your dream home, it's crucial to ensure that the property you choose meets the eligibility requirements for the California Dream For All Shared Appreciation Loan program. By understanding these requirements, you can narrow down your search and focus on properties that qualify for this unique homeownership opportunity.

Aligning with CalHFA First Mortgage Requirements

To be eligible for the Dream For All program, the property must meet all the requirements of the CalHFA first mortgage. This means that the property must:

  1. Be located within the state of California
  2. Be a single-family, one-unit residence
  3. Meet all applicable building codes and standards
  4. Fall within the maximum purchase price limits set by CalHFA

For a complete list of property requirements, consult the CalHFA Conventional Loans Program Handbook, which outlines all the necessary criteria for eligibility.

Primary Residence and Occupancy Requirements

In addition to meeting the CalHFA first mortgage requirements, the property must also serve as your primary residence. To comply with the Dream For All program guidelines, you must:

  1. Occupy the property within 60 days of closing
  2. Use the property as your main place of residence
  3. Not use the property for any rental or investment purposes

Non-occupant co-borrowers and co-signers are not allowed under this program, ensuring that the property is used solely as a primary residence for the borrowers.

Choosing the Right Property with Tennant Lending

Navigating the property eligibility requirements for the California Dream For All Shared Appreciation Loan program can be challenging, but you don't have to do it alone. At Tennant Lending, our knowledgeable mortgage professionals are here to help you every step of the way.

We can assist you in understanding the CalHFA first mortgage requirements, ensuring that the properties you consider align with the program guidelines. Our team will also help you navigate the primary residence and occupancy requirements, so you can feel confident that your chosen property qualifies for the Dream For All program.

Let Tennant Lending Help You Find Your Dream Home

Don't let uncertainty about property eligibility keep you from pursuing your dream of homeownership. Contact Tennant Lending today to learn more about how we can help you find a property that meets the requirements for the California Dream For All Shared Appreciation Loan program.

Our experienced mortgage professionals will work with you to understand your unique needs and preferences, guiding you through the process of finding and financing your dream home. With Tennant Lending by your side, you can take the first step toward achieving your homeownership goals and building a brighter future for yourself and your family.

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