Did you hear the good news? The California Housing Finance Agency (CalHFA) Dream for All Program is coming back this April! The CalHFA is updating the loan reservation process of the Dream for All Shared Appreciation Loan Program (DFA)1. This is to provide more time for those in need of it to access the program and ensure the geographic distribution of funds is equitable.
The CalHFA is anticipating the demand for this may exceed their available funding, so they plan on using a randomized selection process to issue vouchers for a DFA loan. If you are interested in a DFA Voucher, you will need to apply through the DFA Pre-registration Portal. The portal will open on Wednesday April 3, 2024 and will accept applications until 5 pm PDT on Monday April 29, 2024.
Voucher application steps:
- Get pre-approved for the DFA Program with a CalHFA Approved Lender. The lender will complete and sign the Cal HFA DFA Lender Pre-Approval Letter.
- Our affiliate lender, Lennar Mortgage is a qualified lender that can help with this process! Get pre-qualified here.2
- Create an account in the DFA Pre-registration Portal and apply between April 3 and April 29, 2024. One application per household.
- Complete the DFA Voucher application and upload the following documents:
- CalHFA DFA Lender Pre-Approval Letter
- Government ID
- Proof of current address
- Foster care documentation (if applicable)
- Complete the following certifications:
- At least one applicant is a current resident of California
- All applicants are first-time homebuyers
- At least one applicant is a first-generation homebuyer
- Applicant(s) have received a DFA Pre-Approval Letter and all applicants meet CalHFA guidelines
- This is the only application submitted for this household
- All information submitted is true and correct
- The DFA Voucher application will require information for both parents of the designated first-generation borrower, including:
- Name
- Date of birth
- Date of death (if applicable)
- Current address (if applicable)
- Submit the application in the DFA Pre-registration Portal
Once the voucher application is submitted, the following steps will take place:
- CalHFA will use a third-party to randomly select applications to receive a DFA voucher
- CalHFA will audit applications to verify eligibility
- Applicants will receive notification of updated application status via email
- Recipients will have 90 days to shop for a home, enter into a purchase contract for a home and for the lender to reserve the loan through CalHFA’s Mortgage Access System (MAS).
If you have any questions, please contact Lennar Mortgage at (559) 435-2899 for more information or visit us online HERE. To view available Lennar Homes from Fresno to Bakersfield click HERE.
¹ For information about buyer requirements and program eligibility, visit speak with a Lennar Mortgage Loan Officer. There is no guarantee that participation in the program will result in priority over other buyers who do not comply with the foregoing requirements. Applying for the program does not guarantee ability for buyer to purchase a home and is not a commitment for a purchase opportunity for an available home.
² Requesting a loan prequalification and making a loan application do not constitute a loan approval or otherwise indicate that a consumer has or will qualify for a loan from Lennar Mortgage or any other lender. Prequalifying with Lennar Mortgage is voluntary and is not required in order to obtain a loan from Lennar Mortgage and/or purchase a home from Lennar Corporation or any of its affiliated homebuilders. Prequalification does not (a) constitute a loan approval or indicate that you have or will qualify for a loan from Lennar Mortgage or any other lender; or (b) guarantee you will qualify to purchase a Lennar home. Lennar Mortgage is seller’s affiliate lender, but use of Lennar Mortgage not required to purchase a home (See Affiliated Business Arrangement Disclosure). Lennar Mortgage, LLC – NMLS # 1058. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. RMLA # 4130443.
This is not an offer in states where prior registration is required. Void where prohibited by law. Copyright © 2024 Lennar Corporation and Lennar Mortgage, LLC. All rights reserved. Lennar, the Lennar logo, Lennar Mortgage and the Lennar Mortgage logo are U.S. registered service marks or service marks of Lennar Corporation and/or its subsidiaries. Lennar Sales Corp., CA DRE Broker #01252753 (Responsible Broker: Joanna Duke). BMR Construction, Inc., CA CSLB #830955. CalAtlantic Group, Inc., CA CSLB #1037780. Lennar Homes of California, Inc., CA CSLB #728102. Date 03/24
Source: CalHFA.ca.gov
