California Finance Local News

California First Time Home Buyers’ Assistance Program Open, Check Eligibility and Requirements

California First Time Home Buyers’ Assistance Program Open, Check Eligibility and Requirements

Sacramento, CA: Good news for California First Time Home Buyers! The first-time homebuyer down payment assistance program in California is currently accepting applications.

“Dream For All” is a state-funded program that will help thousands of people buy a home this year with $250 million. Up to $150,000 in buyer assistance is available to a single home buyer.


  • A first-time homebuyer is a prerequisite for all, including co-borrowers. A first-time homeowner is an individual who has not previously owned a property or resided in a jointly owned residence for more than three years.
  • First-generation homebuyers, defined as individuals whose parents do not own a property in the United States. This is one of the requirements for a co-borrower.
  • All registrants must be residents of California.
  • The borrower must intend to make the property their principal place of habitation.
  • Applicants must earn less than the specified income threshold. Each jurisdiction in California will establish its own income threshold.
  • A debt-to-income ratio of not more than 45% and a credit score of 680 or higher are prerequisites for applicants.
  • Eligible candidates include anyone who has ever been placed in foster care.

How it will work?

Through the program, people can get loans for up to 20% of the price of a home, or $150,000 altogether. The money can be used to pay for a down payment, closing costs, or your purchase.

Say you bought a house for $500,000. You would get 20% of that amount, or $100,000, to help with the down payment and closing costs.

If you ever decide to sell the house, you’ll have to pay back the 20% loan plus 20% of the home’s value.

For instance, if the $500,000 house sells for $700,000, it’s worth $200,000 more than it was. You would still owe the original loan plus 20% of that, or $40,000.

You will only have to repay the initial 20% of the loan if your home’s worth hasn’t increased when you sell it.

For borrowers whose incomes are at or below 80% of the Area Median Income, there are certain exclusions. Borrowers in that situation would only have to repay the principal plus 15% of the home’s appreciation.


The Dream for All program’s online application window opens on April 3 and closes at 5 p.m. on April 29.

Unlike in 2023, when winners were selected on a first-come, first-served basis, this time around the winners will be selected at random by lottery as per KTLA.

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