California Dream For All Shared Appreciation Loan

The Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs.

Upon sale or transfer of the home, the homebuyer repays the original down payment loan, plus a share of the appreciation in the value of the home.

Program Highlights

  • Offers up to 20% for down payment or closing costs, not to exceed $150,000
  • Homebuyer must register for a voucher. A randomized drawing will select registrants who will receive the voucher. This will not be first come, first served.


Next Steps

  1. Talk to a CalHFA Approved Lender who is offering the Dream For All program.
  2. Work with your loan officer to determine what you need to do to secure a  California Dream For All (DFA) Lender Pre-Approval Letter. You’ll need this letter in order to register for a DFA voucher in April.
  3. Take the 1-hour California Dream For All education course which covers what shared appreciation is and how it affects your mortgage repayment. This course is delivered online and is free. Visit to get signed up and learn about shared appreciation now.
  4. Gather documents:
    • California Dream For All (DFA) Lender Pre-Approval Letter
    • Government ID: Passports, driver’s license, state-issued ID, military ID, permanent residence cards, visas or employment authorization documents
    • Proof of current address: Government ID, utility bill, cell phone bill, insurance bill, voter registration or car registration
    • Foster care documentation (if applicable): Foster Care Verification Form/Letter or court documents 
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