This California first-time homebuyer program offers up to $150,000 in downpayment assistance
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OAKLAND, Calif. - Potential California homebuyers will soon have a chance to receive up to $150,000 in downpayment and closing cost assistance as a part of a state housing program relaunching this month.
The California Housing Finance Authority is resurfacing its Dream For All program on Feb. 24, which offers first-time homebuyers up to 20% of a home's purchasing price to assist with closing and downpayment costs.
Who is eligible for the Dream For All program?
The program is available for California residents who meet a series of requirements, including income limits that vary by county.
At least one borrower looking to buy a home must be a first-generation homebuyer, meaning they cannot have owned a home, been on a mortgage or title, or held interest in a home in the last seven years. The borrower's parents must also not own a home, or own one at the time of their death, if deceased.
At least one borrower applying for the program must be a California resident and all borrowers are required to be first-time homebuyers.
Applicants must also earn an annual income below the following limits, based on the county.
Bay Area income limits for California Dream For All program
- Alameda County: $253,000
- Contra Costa County: $253,000
- Marin County: $295,000
- Napa County: $232,000
- San Francisco County: $295,000
- San Mateo County: $295,000
- Santa Clara County: $309,000
- Solano County: $197,000
- Sonoma County: $209,000
To see the full list of California county income limits, click here.
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How to apply for California Dream For All
Registration for the program opens Feb. 24, and will remain open through March 16. The program is not on a first-come, first-serve basis – instead a lottery. Homebuyers will be chosen for the program at random, according to the California Housing Finance Authority.
To register for the program, applicants must have a pre-approval letter from an approved lender – to start the process, click here.
Applicants must also take a Dream For All education course.
Potential homebuyers should also begin gathering their identification documents, such as a passport, driver's license or employment authorization.
How does California Dream For All work?
Homebuyers will receive up to 20% of a home's purchasing price, up to $150,000, to assist with purchasing costs.
When the homebuyer eventually sells the home, they will be required to pay back the Dream For All assistance, plus an additional share of your home's appreciation – the increased home value since the original purchase.
For more information on the program, click here.
The widely-popular Dream For All program first launched in 2023 and returned for another round of applications in 2024.
In 2024, the program's $300 million in funding was allocated in less than two weeks, helping over 2,000 applicants.
The Source: California Housing Finance Authority