01/19/2024
🌟 Exciting News for California Residents! 🌟
🏡 Spring 2024 brings a fantastic opportunity for aspiring homeowners in California! The DFA (Dream For All) program is opening its doors for reservations with some significant updates. Here's what you need to know:
1️⃣ **Pre-Registration Application**: Get ready to complete your application through the DFA pre-registration portal. Remember, it's a lottery system, so qualified applicants will be randomly selected to receive a voucher. Don't miss this chance!
2️⃣ **First-Generation Homebuyer Priority**: Are you the first in your family to own a home in the U.S.? If you haven't been on a home title or mortgage in the last 7 years and your parents don't currently or didn't have any home ownership interest in the U.S., this program is especially for you!
3️⃣ **Income Limits**: Your income eligibility will be determined based on the CalHFA Dream For All income limits. Make sure to check these out to see if you qualify.
4️⃣ **Loan Cap**: The maximum Shared Appreciation Loan amount is now capped at $150,000 or 20% of the sales price or appraised value, whichever is less. A great boost to help you secure your equity!
5️⃣ **CLTV Requirement**: A minimum Combined Loan-To-Value (CLTV) of 95.00% is required. This is an essential factor in your loan application, so be prepared.
6️⃣ **Flexible Buydown Options**: Good news for those looking for temporary relief on mortgage payments! The program permits temporary buydowns of 2-1, 1-1, and 1-0.
🌟 This is a golden opportunity for many Californians dreaming of owning their first home. Stay tuned for more updates and get ready to make your homeownership dream a reality!
👉 Stay informed and prepared to apply in Spring 2024! 🏠💫
