Dream For All Shared Appreciation Loan: California's Boldest Down Payment Help
CalHFA's Dream For All can put up to 20% of the price toward your home, up to $150,000, for first-time, first-generation buyers. In exchange, you share part of the home's future appreciation. Here is the honest math.
What Dream For All actually is
Dream For All is the most ambitious down payment program California has run. Through CalHFA Dream For All, a qualified buyer gets a second loan worth up to 20% of the purchase price, capped at $150,000, to use for the down payment and closing costs. Paired with the Dream For All Conventional first mortgage, that can mean putting 20% down with almost none of your own cash. There is no monthly payment on the second, it is deferred for the life of the first loan. For a first-generation buyer priced out of California by the down payment alone, nothing else in the state comes close.
The trade: you share the appreciation
Here is the part that matters, and the part we make sure you understand. Dream For All is not a grant and it is not a plain loan. When you sell, refinance, or pay off the first mortgage, you repay the original amount you borrowed plus a share of how much your home went up in value. If your income is above 80% of area median, you share up to 20% of the appreciation; at or below 80% AMI, up to 15%. That percentage applies to your home’s gain in value, not the whole value, and the total is capped at 2.5 times the original loan, so your obligation can never run away from you. In plain terms: you give up some of the future gain in return for owning now instead of saving for another decade.
Whether that trade is worth it depends on you. If ownership now changes your family’s trajectory, sharing some upside is often a good deal. If you expect to sell quickly in a flat market, it matters less. We walk through a real example with your numbers so the decision is yours, made clearly.
First-generation and first-time requirements
Dream For All is aimed squarely at buyers whose families have not owned. To qualify, all buyers must be first-time homebuyers (no ownership in the past three years), and at least one buyer must be a first-generation homebuyer. CalHFA defines that as someone who has not been on title, held an ownership interest, or been named on a mortgage in the last seven years, whose parents do not currently own a home in the U.S. (or did not at the time of death), or who was ever placed in foster or institutional care. At least one buyer must also be a current California resident. See who qualifies on our first-generation guide.
The catch: funding comes in limited rounds
This is the honest caveat, and it is the most important thing to know. Dream For All is not always open. The 2023 launch reserved its roughly $300 million in about eleven days. The 2024 round switched to a randomized voucher that prioritized first-generation buyers, then closed. Whether a round is open right now, and how the vouchers work, changes, so we confirm the current status directly with CalHFA before you build a plan around it. If Dream For All is closed, GSFA Platinum and CalHFA MyHome are open, and we pivot you there. See our status update.
Common questions
What is the California Dream For All program?
Dream For All is a CalHFA shared-appreciation loan of up to 20% of the purchase price (capped at $150,000) for first-time, first-generation buyers, used with a Dream For All Conventional first mortgage. It is deferred with no monthly payment; at sale or payoff you repay the original amount plus a share of the home's appreciation.
Do I owe more than I borrowed with Dream For All?
Yes, if your home gains value. You repay the original loan plus a share of the appreciation, up to 20% of the gain for incomes above 80% AMI, up to 15% at or below, capped at 2.5 times the original loan. You share part of the upside in exchange for a large down payment now. If the home does not gain, you repay only the original amount.
Is Dream For All still available in 2026?
Dream For All is funded in limited rounds, not always open. The 2023 round exhausted in about 11 days; the 2024 round used a randomized voucher prioritizing first-generation buyers. Confirm the current round or voucher window with CalHFA. When it is closed, GSFA Platinum and CalHFA MyHome remain open.
Who qualifies for Dream For All?
All buyers must be first-time buyers, and at least one must be a first-generation homebuyer, no ownership in seven years, with parents who do not currently own a U.S. home, or having been in foster care. At least one buyer must be a current California resident, with a qualifying credit score and income under CalHFA's Dream For All limits.
See if Dream For All fits you
Tell us your county, credit range, and price target, and we’ll map your California path in a no-pressure 20-minute call. No obligation.