The California Dream for “All” Program.
The California Dream for All Program is more like a Dream for 2000 People…
Ready. Set. GO!
The Race Begins, at the finish line is the Dream for All.
On March 27th CALHFA’s much anticipated California Dream for All Program went LIVE. This means buyers can reserve their Dream for All Program funds. Before the money runs out.
Yes, that’s right. There is a limited amount of funding available. $300 Million to be exact. But that was as of 8am Monday the 27th. Each day more and more buyers are registering their loans with Approved CALHFA providers, like New Way Mortgage .
The average sales price in California is $706,000. So if you just assume that each sale will be that amount then mathematically a little over 2000 first time home buyers are going to be eligible for this program. Once the money is gone, it’s gone. Buyers left behind will be forced to find other means of financing or wait for next year and hope that the program gets more funding. And that they can get in on the action then. Not exactly a Dream for All in California, but it’s better than a Dream for None, so who are we to complain.
We asked Jennifer Remedios, COO of New Way Mortgage how long buyers can expect the California Dream for All Program to last? She said “It’s anyone’s guess, but based on the amount of money CALHFA has and how fast we saw their Equity Builder Program run out of money last year, our best guess is 60-90 days. So, time is of the essence for interested first time home buyers.”.
How to Get Started
California First Time Home Buyers who want to take advantage of this great program don’t have time to waste. Step 1. Is getting preapproved with a Mortgage Broker or Lender, like New Way Mortgage, who are approved to originate CALHFA loans. Once preapproved Step 2. Is to get into contract/escrow to buy a house so that you can reserve your funds and lock your rate. Go to www.newwaymortgage.com/applynow to start the preapproval process.
Program Summary
The California Dream for All Program provides first time home buyers with an eye popping 20% down payment assistance loan at 0% interest. No monthly payments. You pay the money back when you sell, refinance a 2nd time or pay the loan off after 30 years. At that time you will owe the original 20%. In addition, you will owe 20% of the appreciation. IMO a small price to pay for the massive assistance loan provided.
Eligibility
In order to be eligible for the program borrowers need to be a first time home buyer. Have a 680 FICO score and make an annual income below the CALHFA income limits for their County.
Buyers interested in getting preapproved for the California Dream for All Program should go to www.DreamForAllProgram.com
LIVE Interview about the California Dream for All Program
See the LIVE interview between Sacramento Real Estate Power House Mark McDonough @sacramentorealestate and CEO of New Way Mortgage, Aaron Clowes @mortgagerateupdate where they answer everyone’s questions about the Dream for All Program.
New Way Mortgage, Inc. dba New Way Mortgage is a Real Estate Broker Licensed by the California Department of Real Estate License #02112174 NMLS 1939382 Equal Housing Opportunity. This is not a commitment to lend. New Way Mortgage, Inc. is not affiliated with the California Housing Finance Agency
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