Starting February 24, aspiring homeowners across California will get a fresh shot at buying their first home when the California Housing Finance Agency (CalHFA) opens applications for its Dream For All Shared Appreciation Loan program—a down payment assistance initiative that has already changed thousands of lives.
Designed specifically for first-generation homebuyers, Dream For All can provide up to 20% of a home’s purchase price or appraised value to cover a down payment. Because demand far exceeds available funding, CalHFA will once again use a random selection process to ensure an equitable distribution of state funds. For 2026, the agency expects to make between $150 million and $200 million available, and Governor Gavin Newsom has directed that at least 10% of those funds be reserved for applicants living in Qualified Census Tracts.
The application window will remain open until March 16. After it closes, applications will be selected and audited. Those who receive conditional approval will have 90 days to find and purchase a home—turning what often feels like a distant dream into a very real, time-sensitive opportunity.
“The California Dream For All program has already helped thousands of Californians buy their first home,” said CalHFA Executive Director Tony Sertich. “As these homeowners begin to repay their loans, the funds are reinvested into the program to create a cycle that will continue far into the future, planting the seeds of generational wealth to help keep the California dream alive.”
To apply, prospective buyers must work with one of CalHFA’s Approved Lenders to obtain a pre-approval letter before submitting their application. Additional documentation is also required, including a government-issued ID and parent information. A complete checklist and other program details are available on the Dream For All webpage.
For families like Craig Terry’s, the program has been truly transformative. Terry, a youth program manager in Grass Valley, never thought homeownership was within reach. “I didn’t think there was any way we could afford a house, especially in this area,” he said. He and his wife applied for Dream For All and were initially placed on a waiting list. Months later, they received approval and purchased their home in August 2024. “It was a waiting game,” Terry said. “Then, it got very real, very quickly.”
Dream For All tackles California’s housing affordability crisis from multiple angles. By providing a substantial down payment, the program can eliminate the need for mortgage insurance and significantly reduce monthly payments. According to California Forward, a nonprofit policy advocacy organization that prepared a 2022 report for the California State Treasurer’s Office, the shared appreciation loan saves the average homebuyer about $1,200 per month.
Borrowers must meet CalHFA’s income limits, which vary by county—approximately $148,000 in Del Norte County, $168,000 in Los Angeles County, and $309,000 in Santa Clara County.
The program’s future is also backed by significant state investment. The 2025–26 State Budget allocated $300 million to Dream For All, enough to help an estimated 2,000 additional households, including buyers currently on the waitlist. As homes are eventually sold, the state recovers the original down payment plus a proportionate share of the home’s appreciation, allowing those funds to be recycled and used to help the next generation of first-time buyers.
For many Californians, Dream For All isn’t just financial assistance—it’s a doorway to stability, opportunity, and a lasting stake in the California dream.
The California Housing Finance Agency was created in 1975 with the goal of helping more Californians find a place to call home. CalHFA has helped more than 233,000 low- and moderate-income homebuyers with $43.5 billion in first mortgages and used $12.8 billion in financing for the construction and preservation of more than 85,000 rental housing units throughout the state. CalHFA is a self-supported state agency that doesn’t rely on taxpayer dollars for its operational costs but is currently administering various state and federal resources on behalf of the state through targeted programs. For more information on CalHFA programs, and how we are investing in diverse California communities, visit www.calhfa.ca.gov or call toll free at 877.9.CalHFA (877.922.5432).