Who is Eligible for the California Dream For All Shared Appreciation Loan Program?

First-Time, First-Generation Homebuyers in California

The California Dream For All Shared Appreciation Loan Program is designed to support first-time homebuyers in California, with a special focus on first-generation homebuyers. To be eligible for this innovative program, you must meet the following criteria:

First-Time Homebuyer Status

All borrowers on the loan must be first-time homebuyers. This means that you have not owned a home in the past three years. However, there are some exceptions to this rule, such as if you previously owned a home with a former spouse but are now divorced.

First-Generation Homebuyer Requirement

At least one borrower on the loan must be a first-generation homebuyer. A first-generation homebuyer is defined as someone whose parents or legal guardians do not currently own a home and did not own a home in the past three years.

Income Limits

To qualify for the California Dream For All Shared Appreciation Loan Program, your household income must fall within the CalHFA Income Limits for the county where you plan to purchase your home. These limits vary by county and are based on the area median income (AMI).

Additional CalHFA Loan Requirements

In addition to the first-time homebuyer, first-generation homebuyer, and income limit requirements, you must also meet other standard CalHFA loan criteria. These may include:

Minimum credit score requirements
Debt-to-income ratio limits
Loan-to-value ratio limits
Homebuyer education course completion

Helping Californians Achieve the Dream of Homeownership

At Tennant Lending, we understand that navigating the homebuying process can be challenging, especially for first-time and first-generation homebuyers. Our experienced mortgage professionals are here to guide you through the eligibility requirements for the California Dream For All Shared Appreciation Loan Program and help you determine if this program is the right fit for your unique situation.

As a trusted mortgage lender serving Northern California, we are committed to helping our clients achieve their dream of homeownership. Contact Tennant Lending today to learn more about the California Dream For All Shared Appreciation Loan Program and take the first step toward owning your own home.