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CalHFA Dream For All Update |
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Thank you to all our business partners who are working on behalf of California homebuyers and spreading information about the California Dream For All Shared Appreciation loan program.
This message provides a quick refresher on several key elements of DFA:
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Voucher amounts: Each DFA voucher is good for the maximum loan amount of 20% of the sales price/appraised value or $150,000, whichever is less.
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Adding/removing borrowers: Homebuyers can add or remove borrowers as long as all borrowers on the loan meet CalHFA and DFA guidelines. However, the applicant that was selected as First-Generation in the DFA portal cannot be removed or replaced.
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Voucher transfers: DFA vouchers are not transferable to another borrower. If the applicant is no longer interested in using their voucher, they should log into their portal account and withdraw their application so it can go to the next person on the waitlist.
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DFA reservations: The DFA voucher number is only good for one reservation and must be entered into the MAS system exactly how it appears as it is case-sensitive.
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Voucher expiration date: The DFA applicant must be in contract for a house and the lender must reserve the loan in MAS before the voucher expiration date.
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Homebuyer education: DFA applicants must enroll in the online Homebuyer Education and Shared Appreciation Loan Education and it's better to get those taken care of as soon as possible.
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DFA portal: Vouchers can be accessed through the DFA Portal.
The Dream For All Team
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