CalHFA Dream For All 2026: Who Qualifies, Income Limits and How the Loan Works

CalHFA's Dream For All is a shared appreciation loan for first-generation homebuyers: up to 20% of the purchase price, capped at $150,000, for the down payment or closing costs. It is not a grant. You repay the original amount plus a share of the home's appreciation when you sell, transfer or pay off the first mortgage.

Program details on this page come from CalHFA's Dream For All page, its 2026 income limits (effective June 30, 2026) and its borrower definitions, all checked on October 3, 2026. CalHFA updates the program between rounds, so confirm on its site before you apply.

Is Dream For All available in 2026?

CalHFA released the 2026 round of Dream For All vouchers on May 20, 2026. Vouchers go to registrants picked in a random drawing, not first come, first served. Applicants check their status in CalHFA's voucher portal: Voucher Issued, Waitlist or Not Selected. Waitlisted applicants are emailed if a voucher position opens.

If you were not selected, CalHFA points you to its other down payment and closing cost programs, MyHome and CalPLUS with ZIP, through a CalHFA-approved loan officer. CalHFA posts new rounds on its Dream For All page and in its email newsletter.

Who qualifies for Dream For All?

• At least one borrower must be a first-generation homebuyer (defined below).
• At least one borrower must be a current California resident.
• Every borrower must be a first-time homebuyer: someone who has not owned and occupied a home in the last three years, or lived in a home owned by a spouse in that time.
• Combined household income must be within CalHFA's Dream For All limit for the county where you buy.
• One occupying first-time borrower completes homebuyer education and counseling, and the buyer also takes CalHFA's free one-hour Dream For All course on shared appreciation.

What is a first-generation homebuyer?

CalHFA's definition has two parts, and at least one borrower must meet both:

• The buyer has not been on title, held an ownership interest or been named on a mortgage for a home in the United States in the last 7 years; and
• As far as the buyer knows, their parents (biological or adoptive) have no present ownership interest in a home in the United States, or did not at the time of death; or the buyer was at any time placed in foster care or institutional care.

Dream For All income limits 2026: Los Angeles and Kern counties

The limit applies to combined household income and depends on the county where the home is. Antelope Valley cities in Los Angeles County, such as Palmdale and Lancaster, use the Los Angeles County limit; communities on the Kern County side use Kern's.

How shared appreciation works

When the home is sold, transferred or the first mortgage is paid in full, you repay the original Dream For All amount plus a share of any increase in the home's value. Borrowers with income at or below 80% of the area median income repay a smaller share. CalHFA's Dream For All page shows worked examples for both cases.

Dream For All is used with CalHFA's Dream For All Conventional first mortgage. CalHFA does not lend directly: approved loan officers qualify buyers and make the loans, and rates and fees vary by lender, so ask a CalHFA-approved loan officer for a quote.

How to apply for Dream For All

• Find a CalHFA-approved loan officer and get the Dream For All lender pre-approval letter.
• Gather the documents CalHFA lists: government ID; foster care documentation, if it applies; and, for both parents of the first-generation borrower, their names, dates of birth, date of death if applicable and current address, with proof of the relationship such as a birth certificate or adoption papers.
• Register for a voucher in CalHFA's Dream For All portal when a round opens.
• Complete homebuyer education and counseling (eHome's online course, or a NeighborWorks or HUD-approved housing counseling agency) and CalHFA's free online Dream For All course.
• If you receive a voucher, follow the instructions and next steps CalHFA emails with it.

Is Dream For All worth it?

It depends on how much the home's value rises and how long you keep it, because the repayment includes a share of the appreciation. Compare it with CalHFA's MyHome, a junior loan repaid when the home is sold, refinanced or paid in full, and with buying without assistance. CalHFA's shared appreciation examples and its free Dream For All course show how the repayment is figured.

Sources

Last verified: October 3, 2026. This page explains a public program; it is not an offer of credit. CalHFA and its approved lenders decide eligibility.