*CORRECTION!* - I've removed the example from my video showing the breakdown of paying back the loan after five years. Though I still believe that using this program as a "stepping stone" to quickly build equity and move to your next home would be challenging (we are anticipating pretty conservative home price growth, though no one truly can predict this), the opportunity is greater than the example I provided. I strive to only put accurate information out here, so my apologies for misunderstanding the breakdown in the example. Visit: www.calhfa.ca.gov/dream/index.htm to see their formal examples. Thank you for your understanding and patience!
I'm not sure I understand the question. Anytime you transfer title, the original Dream for All loan becomes due. I would ask a trusted lender about questions regarding your options to buy a home within a trust. I am unsure if that is possible since the owner on title must occupy the home as a primary residence and a trust cannot do so. Again, please ask a qualified CLHFA or Dream For All pre-approved lender about your specific scenario. Thank you for watching!
Hi Shane, I hear your frustration and appreciate you sharing. I know a lot of folks were disappointed by the new strict guideline. The cost of living and housing has exponentially increased compared to the average salary, and I personally have a lot of clients who feel that their parents' ability to own a home has no direct impact on their ability to do so as well. I am hopeful that there may be another program out there that would help you achieve your goals. Have you explored any other down payment assistance programs or potential grants? Feel free to email me if you have any questions. Happy to help however I can. Monroe.erika@gmail.com
Hopeful but also prepared not to get picked. If everyone uses the max (150k), that's only about 1300 people. I'm starting to look at Solano or Placer County homes as an option instead of here in SoCal.
Hi Carlos, I hear you. It's exciting but also frustrating that not everyone will get the help they need and deserve. I doubt everyone will be able to use the $150,000 max. The DFA loan is either 20% of the purchase price (actually, the appraised value) OR a max of $150,000 - whichever is LESS. That means that in order to utilize the full $150,000, the buyer would have to qualify to purchase a $750,000 house/support a $600,000 mortgage. I don't think everyone will be able to max out the funds and qualify for that high of a mortgage. Definitely worth looking into qualifying and/or explore other down payment assistance programs as well to compare. Hope that helps!
*CORRECTION!* - I've removed the example from my video showing the breakdown of paying back the loan after five years. Though I still believe that using this program as a "stepping stone" to quickly build equity and move to your next home would be challenging (we are anticipating pretty conservative home price growth, though no one truly can predict this), the opportunity is greater than the example I provided. I strive to only put accurate information out here, so my apologies for misunderstanding the breakdown in the example. Visit: www.calhfa.ca.gov/dream/index.htm to see their formal examples. Thank you for your understanding and patience!
what if I will get s trust and beneficiary is my daughter right away I get the house after closing to escrow? is that affect the shared appreciation ?
I'm not sure I understand the question. Anytime you transfer title, the original Dream for All loan becomes due. I would ask a trusted lender about questions regarding your options to buy a home within a trust. I am unsure if that is possible since the owner on title must occupy the home as a primary residence and a trust cannot do so. Again, please ask a qualified CLHFA or Dream For All pre-approved lender about your specific scenario. Thank you for watching!
I will share any additional updates here! How do you feel about the new DFA guidelines?
This is a very well done video.
Thank you very much for the kind words and for watching!
Is income limit based on adjusted gross income or taxable income on 1040?
Hi Julia, great question! Income is based on Gross income of all borrowers, not adjusted gross.
Im a little heart broken because of the generational home buyer rule. We dont have good relations but im being penalized for it.😢
Hi Shane, I hear your frustration and appreciate you sharing. I know a lot of folks were disappointed by the new strict guideline. The cost of living and housing has exponentially increased compared to the average salary, and I personally have a lot of clients who feel that their parents' ability to own a home has no direct impact on their ability to do so as well. I am hopeful that there may be another program out there that would help you achieve your goals. Have you explored any other down payment assistance programs or potential grants? Feel free to email me if you have any questions. Happy to help however I can. Monroe.erika@gmail.com
Hopeful but also prepared not to get picked. If everyone uses the max (150k), that's only about 1300 people. I'm starting to look at Solano or Placer County homes as an option instead of here in SoCal.
Hi Carlos, I hear you. It's exciting but also frustrating that not everyone will get the help they need and deserve. I doubt everyone will be able to use the $150,000 max. The DFA loan is either 20% of the purchase price (actually, the appraised value) OR a max of $150,000 - whichever is LESS. That means that in order to utilize the full $150,000, the buyer would have to qualify to purchase a $750,000 house/support a $600,000 mortgage. I don't think everyone will be able to max out the funds and qualify for that high of a mortgage. Definitely worth looking into qualifying and/or explore other down payment assistance programs as well to compare. Hope that helps!
UPDATE: CalFHA confirmed that the vouchers will be good for 90 days. The buyer must have a house under contract and loan locked within 90 days.