Unlocking Affordable Homeownership: Dream For All Phase 2 Unveiled!
Veridian Mortgage
Veridian Mortgage CA
Published on December 5, 2023

Unlocking Affordable Homeownership: Dream For All Phase 2 Unveiled!

We are thrilled to share some exciting news about the Dream For All program’s Phase 2, an initiative poised to make the dream of homeownership a reality for even more Californians. Let’s dive right in! 

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Breaking Down Dream For All Phase 2: Your Path to Homeownership 

In Phase 2, the Dream for All program, also known as CalHFA Dream For All, is set to receive a substantial boost with approximately $255 million in available funding. This includes a fresh authorization of $220 million, coupled with $35 million carried over from Phase 1. The aim? To support an additional 2,000 Dream for All loans, creating pathways to affordable housing for families across California. 

 

Verify your mortgage eligibility (Apr 15th, 2024)

What’s New in Phase 2? 

Streamlined Application Process: Introducing a user-friendly preregistration system, making it easier for borrowers to apply for a Dream For All loan, a significant part of the Down Payment Assistance Program. 

Fair Selection Process: Eligible applicants will be chosen through random selection after thorough pre-screening, ensuring equal opportunities for all. 

First Generation Homebuyers: New eligibility criteria, requiring at least one borrower to be a first-generation homebuyer, ensuring support for those who have never owned a home. 

Verify your mortgage eligibility (Apr 15th, 2024)

Geographic Focus: Shifting focus to underserved areas, particularly coastal regions, to address the diverse housing needs across the state. 

Income Eligibility: Reducing income limits to 120% of the Area Median Income (AMI) to meet statutory requirements, while ensuring affordability for lower-income families. 

 

Verify your mortgage eligibility (Apr 15th, 2024)

Your Call to Action: Make Your Dream Home a Reality! 

Ready to explore your homeownership options through Dream For All Phase 2? Don’t hesitate to take the next step: 

Stay ahead in the home-buying journey by obtaining a pre-approval  HERE. 

Stay in the loop for the newest updates on CalHFA Dream for All by signing up today! Click  HEREto subscribe 

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Veridian Mortgage
Veridian Mortgage CA
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