California Dream For All Shared Appreciation Loan

Take Riverside's median value of $584,800 in our data. Dream For All pays 20%, or $116,960, well under the $150,000 cap, so the Dream For All Conventional first mortgage is only $467,840. At 80% loan-to-value, the buyer avoids private mortgage insurance. In Los Angeles, where our median is $921,200, the $150,000 cap covers only about 16.3% of the price.

Estimated closing costs in Riverside run $11,500 to $17,500. Because the loan can pay closing costs too, a buyer could split the $116,960 into $102,000 down and $14,960 for costs; the first mortgage rises to $482,800 and combined loan-to-value is about 102.6%, inside the 95% to 105% window. A home that later sells for $684,800 would owe $116,960 plus $20,000 of appreciation.

A Riverside buyer at or below 80% of area median income would owe only a 15% share, or $15,000 on that same gain. If the lender is an FHLBank San Francisco member and confirms WISH can layer, a 4-to-1 WISH match of up to $32,837 could cover remaining closing costs.

Dream For All works with a narrow set of add-ons. CalHFA's January 2026 matrix lists Fannie Mae Community Seconds as allowed behind the Dream For All Conventional first mortgage, so some city or county second loans can layer if they fit the 95% to 105% combined loan-to-value window. FHLBank San Francisco's WISH grant, up to $32,837 in 2026 for buyers at or below 80% of area median income, is a grant rather than a lien, but the lender must confirm it fits.

The Dream For All handbook bars the MyHome Assistance Program, and the loan cannot be used with CalHFA FHA, CalPLUS, VA or USDA first mortgages, so ZIP and MyAccess are also out. Funds cannot pay debts or return cash at closing. Buyers who are not selected in the drawing usually fall back to MyHome with CalPLUS and ZIP. CalHFA's line is 877-922-5432.

Seller credits can cover closing costs within Fannie Mae limits, leaving more of the 20% for the down payment. Buyers on the waitlist should keep their pre-approval and income documents current, since CalHFA notifies waitlisted applicants by email when a voucher opens and the 90-day shopping clock starts at that point.

Dream For All is CalHFA's largest down payment program: up to 20% of the price, as much as $150,000, with no monthly payment and no interest. That is enough to drop a Riverside or Sacramento buyer to 80% loan-to-value and remove mortgage insurance. Buyers at or below 80% of area median income share only 15% of future appreciation, and CalHFA's share is capped at 2.5 times the loan. The income limits, $168,000 to $310,000 by county, still reach moderate earners.

The biggest limitation is access. Vouchers go by lottery once a year, the 2026 window lasted three weeks, and funding of $150 million to $200 million serves a fraction of applicants. The first-generation rule excludes buyers whose parents own a home, and repaying 20% of appreciation can cost more than a 3.5% MyHome loan in a rising market. Buyers who miss the drawing should line up MyHome with CalPLUS and ZIP, or a city loan such as Los Angeles LIPA or MIPA.