California Reopens Up to $150,000 Down Payment Assistance for First-Time Homebuyers — 20-Day Window

Up to $150,000 in Down Payment Assistance

First-time homebuyers in California have a 20-day window, from February 24 to March 16, to apply for up to $150,000 in down payment assistance through the Dream For All Shared Appreciation Loan program offered by the California Housing Finance Agency (CalHFA).

The program provides a loan equivalent to 20% of the home's purchase price or up to $150,000 — whichever is less — to cover the down payment or closing costs. In expensive markets like San Francisco or Los Angeles, where median home prices often exceed $1 million, the assistance amount can reach the $150,000 ceiling.

Shared Appreciation Loan

The assistance is not a grant but a shared appreciation loan. Borrowers repay the principal amount when selling or refinancing the home, along with 15% to 20% of the property's appreciated value. The repaid funds are reinvested into the program to support the next generation of homebuyers.

The program uses a random lottery system, not a "first-come, first-served" basis. Interested individuals must register to receive a voucher; the lottery results determine who is awarded assistance.

Eligibility Requirements

At least one borrower must be a first-generation homebuyer in their family. All borrowers must be first-time homebuyers. At least one borrower must currently reside in California. Household income must be within CalHFA's income limits for the county of purchase. Applicants must have a pre-approval letter from a CalHFA-approved lender before applying.

Applicants need to contact a CalHFA-approved lender to obtain a pre-approval letter, complete a free one-hour online course on the shared appreciation mechanism, and then submit their application through the online portal with the required documents.

Documents to Prepare

Dream For All program pre-approval letter. Government-issued identification documents. Foster care records (if applicable).