Let’s Get Real about California’s new loan program coined Dream For All. The Blue Waters Group has this shared appreciation 2nd mortgage available to eligible applicants when it comes back on April 3rd, but is it really a Dream “For All?”
It truly is a great loan program for those who qualify, as it will allow folks to buy with no money down, avoid PMI, and keep their monthly payment at a reasonable level.
The program is, unfortunately, underfunded. The state legislature recently allocated $220,000,000 in funding for CalHFA’s Dream For All loans, which will likely only reach approximately 2,000 California applicants. To put that in perspective…our state had over 250,000 transactions in January alone. So Dream For All loans will impact less than 1% of transactions.
This program is getting a lot of hype and we are happy to help you apply for it before the application window closes at the end of April. Keep in mind, however, it will not end up being a Dream For All, but rather For a Very Lucky Few.
With that said, it’s a great program if you qualify and are fortunate to have your name pulled in the lottery system. Reach out to us and we can help you navigate the application process and give you more details about CalHFA’s Dream For All loan program.