CalHFA Dream for All Update
⭐If you are a Dream for All Voucher winner, see below for key updates as of July 17, 2024, from CalHFA:
- Voucher amounts: Each DFA voucher is good for the maximum loan amount of 20% of the sales price/appraised value or $150,000, whichever is less.
- Adding/removing borrowers: Homebuyers can add or remove borrowers as long as all borrowers on the loan meet CalHFA and DFA guidelines. However, the applicant that was selected as First-Generation in the DFA portal cannot be removed or replaced.
- Voucher transfers: DFA vouchers are not transferable to another borrower. If the applicant is no longer interested in using their voucher, they should log into their portal account and withdraw their application so it can go to the next person on the waitlist.
- DFA reservations: The DFA voucher number is only good for one reservation and must be entered into the MAS system exactly how it appears as it is case-sensitive.
- Voucher expiration date: The DFA applicant must be in contract for a house and the lender must reserve the loan in MAS before the voucher expiration date.
- Homebuyer education: DFA applicants must enroll in the online Homebuyer Education and Shared Appreciation Loan Education and it's better to get those taken care of as soon as possible.
- DFA portal: Vouchers can be accessed through the DFA Portal
- Voucher amounts: Each DFA voucher is good for the maximum loan amount of 20% of the sales price/appraised value or $150,000, whichever is less.
- Adding/removing borrowers: Homebuyers can add or remove borrowers as long as all borrowers on the loan meet CalHFA and DFA guidelines. However, the applicant that was selected as First-Generation in the DFA portal cannot be removed or replaced.
- Voucher transfers: DFA vouchers are not transferable to another borrower. If the applicant is no longer interested in using their voucher, they should log into their portal account and withdraw their application so it can go to the next person on the waitlist.
- DFA reservations: The DFA voucher number is only good for one reservation and must be entered into the MAS system exactly how it appears as it is case-sensitive.
- Voucher expiration date: The DFA applicant must be in contract for a house and the lender must reserve the loan in MAS before the voucher expiration date.
- Homebuyer education: DFA applicants must enroll in the online Homebuyer Education and Shared Appreciation Loan Education and it's better to get those taken care of as soon as possible.
- DFA portal: Vouchers can be accessed through the DFA Portal
If you have any questions, don’t hesitate to reach out.
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CrossCountry Mortgage, LLC does business in the State of New York as CrossCountry Financing. Licensed Mortgage Banker – NYS Department of Financial Services. CrossCountry Mortgage, LLC is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. All loans are subject to underwriting approval. Certain restrictions may apply. Call for details. Certificate of Eligibility is required for VA loans.
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