CalHFA's Dream For All Shared Appreciation Loan provides up to 20% of a home's purchase price, capped at $150,000, for down payment or closing costs, with no monthly payments on the assistance. It's available to first-time, first-generation homebuyers in Butte County who meet CalHFA's income limits for the area. In exchange for the assistance, the homeowner repays the original loan amount plus a share of the home's appreciation (15% to 20%, depending on income) when the home is sold, refinanced, or the first mortgage is paid off. The program runs in limited-time funding rounds with a randomized selection process, so it isn't always open for new applications.
What is the CalHFA Dream For All program?
Dream For All is a state-funded down payment assistance program run by the California Housing Finance Agency. Instead of a grant or a traditional second mortgage with monthly payments, it's structured as a shared appreciation loan: CalHFA covers part of your down payment or closing costs upfront, and you pay it back, along with a portion of the home's increase in value, when you eventually sell, refinance, or pay off your first mortgage. There are no monthly payments on the Dream For All portion while you own the home.
It's designed to pair with a CalHFA Dream For All Conventional first mortgage, so buyers using this program work through a CalHFA-approved lender for both loans together.
How much down payment assistance does Dream For All provide?
The program covers up to 20% of the home's purchase price or appraised value, whichever is lower, capped at $150,000. For a home in Butte County priced well under that ceiling, the 20% figure is what typically matters, meaning the assistance scales with the price of the home you're buying.
Who qualifies for Dream For All in Butte County?
Eligibility comes down to a handful of requirements that apply statewide, Butte County included:
- All borrowers must be first-time homebuyers. CalHFA defines this as not having owned and occupied a home in the last three years.
- At least one borrower must be first-generation. This generally means the borrower hasn't owned a home or been on a mortgage in the last seven years, and their parents don't currently own a home in the U.S.
- At least one borrower must be a California resident.
- Household income must fall within CalHFA's income limits for Butte County. These limits are set by county and updated periodically, so check CalHFA's current income limit chart for Butte County rather than relying on a figure that may be out of date.
- A homebuyer education course is required before closing, typically an eight-hour online course through an approved provider.
How does the shared appreciation repayment work?
This is the part that trips people up, since it isn't a typical loan. When you eventually sell the home, refinance, or pay off your first mortgage, you owe CalHFA the original amount they gave you, plus a share of whatever the home gained in value while you owned it. That share is 20% of the appreciation for most borrowers, reduced to 15% if your income was at or below 80% of the area median at the time you received the loan.
If the home doesn't appreciate, or drops in value, you generally only owe the original assistance amount, not more. There's no fixed repayment term or monthly payment; the balance simply comes due when one of those trigger events happens.
Is Dream For All currently accepting applications?
Not necessarily; this is the detail that catches a lot of buyers off guard. Dream For All doesn't run continuously. It opens for limited registration windows, most recently a round that ran February 24 through March 16, 2026, and then closes once that window ends. Selection isn't first-come, first-served; CalHFA runs a randomized drawing among everyone who registered during the window, and selected applicants get a voucher and roughly 90 days to find a home and reserve the funds.
Between rounds, the registration portal is closed and there's no guarantee of exactly when, or whether, the next round will open. Before you build a purchase timeline around this program, check CalHFA's Dream For All page directly, or ask your lender, to confirm whether a round is currently open.
Frequently Asked Questions
Do I have to pay monthly on the Dream For All loan?
No. There are no monthly payments on the Dream For All assistance. It's repaid in a lump sum, along with the appreciation share, when you sell, refinance, or pay off your first mortgage.
What counts as a first-generation homebuyer?
Generally, someone who hasn't owned a home or been on a mortgage in the last seven years, and whose parents don't currently own a home in the United States. Documentation requirements can vary, so confirm specifics with a CalHFA-approved lender.
Can I combine Dream For All with other down payment assistance?
Program combinations depend on CalHFA's current guidelines and the specific programs involved. A CalHFA-approved lender can tell you what's stackable at the time you apply.
What happens if my home loses value before I sell?
If the home's value doesn't increase, or decreases, you typically only owe back the original assistance amount, not an inflated appreciation share on a gain that never happened.
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